MANHATTAN (CN) – Union Bank of California sued CBS for $72 million in Federal Court. The bank says it advanced CBS its own money on Sept. 15, after CBS requested redemption from a CBS money market fund of which the bank was custodian. Unfortunately for the bank, the money market fund stopped honoring redemptions because of the Lehman Bros. bankruptcy. Union Bank wants the money back from CBS.
The bank is represented by Maria Galeno with Pillsbury Winthrop Shaw Pittman.