Western Alliance (WAL) says in 8K it has been informed by Jefferies (JEF) that USD 126.4mln owed under forbearance pact won't be paid as agreed; firm files complaint vs Jefferies and Leucadia Asset management alleging breach of contract and fraud
Importance
Level 1
- The complaint is related to commercial loan collateralized by accounts receivable purchased from First Brands.
- Wester Alliance says financial impact substantially mitigated through realization of securities sale gains, expense reductions.
- The company plans to offset the charge through USD 50mln in securities gains, of which ~USD 45mln have been realized quarter-to-date, and USD 50mln in expense reductions. Management said the actions should provide an aggregate offset of USD 100mln.
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