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 …

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Alice P. Darby