One Clear Channel trial begins today


Judge Helen Freedman in Manhattan today begins hearing the lawsuit by Bain Capital and Thomas H. Lee Partners against six big banks. The two private equity firms sued the banks for breach of contract for not fulfilling their commitment letter to lend $22 billion for the $26.7 billion buyout of Clear Channel Communications. Bain and TH Lee are trying to get the judge to order the banks to make the loans. Clear Channel itself is not a part of the New York case. It has its own lawsuit against the banks due to go to trial early next month in Texas. That case seeks over $26 billion in damages.