Jefferies Financial Group Inc. (JEF), Friday shared its thoughts on the lawsuit filed by Western Alliance Bank regarding a loan extended by the Bank to the Point Bonita fund that was collateralized solely by receivables purchased from First Brands Group.
The company said that it finds the lawsuit without merit and plans to defend it vigorously. It pointed out that Point Bonita fund acted in good faith and with goodwill toward the Bank at all times.
Further, the company noted that First Brands and its leadership perpetrated a wide-ranging and well-concealed fraud that impacted Point Bonita and the Bank.
In the pre-market hours, JEF is trading at $42.888, down 3.17 percent on the New York Stock Exchange.
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