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Litigation

Jun. 19, 2012

Arbitrators rule against former LA official

Panel didn't agree that a bank reached an oral agreement with Ted Stein to extend a loan on a development deal.


By Ben Adlin


Daily Journal Staff Writer


LOS ANGELES - A panel of arbitrators struck down a former Los Angeles city official's claims that a bank breached a loan agreement and defrauded him. The panel awarded the bank $1.5 million on a counterclaim.


Theodore O. Stein Jr., a former Los Angeles airport commissioner and 1997 city attorney candidate, alleged Los Angeles-based Cathay Bank broke a contract governing two loans the bank made to Ste...

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