Trump sues as credit is blocked
Tycoon Donald Trump is suing Deutsche Bank and other investment houses as the credit crunch hits his plans to build America's second-biggest tower.
Trump wanted an extension to a $640 million (£407 million) credit from investors led by Deutsche and including Merrill Lynch, Union Labor Life Insurance, real-estate investment trust iStar Financial and a division of Highland Capital Management.
"Trump demands an extension of the original loan agreement due to the impact of the financial crisis in the credit markets," reported Germany's biggest newspaper Bild.
The millionaire investor also said Deutsche Bank divided the credit and sold it to so many parties that it "complicated" an agreement.
Insiders say Trump is asking for $3 billion in damages. The lawsuit has been filed at the New York Supreme Court in the borough of Queens.
