American Dream Lenders Owed $389 Million Can Collect, Judge Says

A group of junior lenders to the troubled American Dream mall won the right to collect on at least $389 million of defaulted debt after a judge ruled in their favor on Monday.

Judge Andrew Borrok granted the lenders’ request for summary judgment against an entity used to finance the $5 billion mall and entertainment complex in New Jersey’s Meadowlands, according to a court order. The lawsuit, filed in New York Supreme Court in February, was brought by an entity that serves as an administrative agent for firms linked to Western Asset and South Korea’s Nonghyup Bank, court ...