Investors Sue Revel Power Plant Claiming Fraud On Bonds
ATLANTIC CITY, N.J. (AP) — Another lawsuit has been filed over Atlantic City's shuttered former Revel casino.
This one is on behalf of investors claiming they were cheated out of millions because they claim the casino's power plant lied about the status of bonds that paid for its construction.
They also want a judge to prohibit ACR Energy Partners from selling the power plant to anyone but them.
ACR declined comment.
The lawsuit from two Rosemawr investment funds accuses ACR of hiding the fact that it had defaulted numerous times on its financial obligations.
The funds say they either never would have bought $35 million worth of bonds, or would have done so at a much lower price.
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