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CL asks court to fast-track MGM suits

Credit Lyonnais Bank Nederland has asked the Los Angeles Superior Court to consolidate and put on a fast track suits the bank and MGM filed against the studio’s former owner, Kirk Kerkorian and his Tracinda Corp.

At a news conference yesterday in Paris, bank managing director Francois Gille and its attorney, Rick Holwell, said the suits will probably go to trial within 12 to 24 months and be heard by one judge.

The suits allege fraud by Kerkorian and others in connection with the sale of the studio to Giancarlo Parretti. The bank and MGM are seeking about $ 1 billion in damages, approximately the amount Kerkorian got in the sale.

The French government-owned bank’s announcement was triggered by press questions about whether the bank might be trying to stall legal proceedings until after France holds elections in March.

Attorneys for Kerkorian responded yesterday that they “welcomed” the move by the bank to consolidate and speed up the process, which they claimed the bank had intended to drag out.

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