PNC unit claims Texas law firm to default on $ 3.3 million loan

By Michelle Casady (Aug 12, 2020, 3:39 p.m. EDT) – A PNC Bank affiliate sued Texas law firm Phipps Anderson Deacon LLP in federal court on Tuesday, alleging it had failed to repay a loan from $ 3.3 million contracted to purchase a Gulfstream Aerospace private jet.

PNC Equipment Finance LLC told the Western District of Texas that in mid-June, the law firm owed it about $ 1.8 million in principal, interest, default interest, late fees and attorney fees. The San Antonio-based litigation shop, now called Phipps Deacon Purnell PLLC, did not return any messages seeking comment on Wednesday.

PNC told the court that the law firm was supposed to …

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas, and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of prosecution, etc.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, requests, etc.
  • Create personalized alerts for specific articles and topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

Alice P. Darby