Hedge Funds Get Casino Lawsuit Back

Jan 31 2014 | 1:16pm ET

Nevada's highest court has overturned the dismissal of a lawsuit filed by 47 hedge funds over a failed Las Vegas casino.

The hedge funds, led by Brigade Capital Management, were among the lenders who provided $2.5 billion in loans to the project, which would have built a new 63-story hotel and casino on Las Vegas' famed Strip. But the hedge fund alleged that the Fontainebleau Resort and Casino conspired with Union Labor Life Insurance to hide from the hedge funds that the project was in trouble and would not be completed due to hundreds of millions in cost overruns.

A Nevada district court judge dismissed the 2011 lawsuit against Union Labor, a ruling that the state's Supreme Court said yesterday was in error.

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