“An action for damages by well-heeled private equity firms does not constitute ‘circumstances that are sufficiently unusual and extreme to justify the extraordinary privilege”

Banks being sued by Clear Channel Communications Inc. and the private equity firm that wants to buy the company fired back Monday, asking a New York state court to dismiss the suit and to ignore requests for an expedited hearing.

The equity buyers, led by Bain Capital and Thomas H. Lee LLC, filed suit last week against six banks, claiming they were reneging on their commitment to help fund the $19.5 billion buyout.

The banks contend they were still negotiating and anxiously awaiting documents needed to back the loans when they got word through a news release they had been sued in New York and Texas last week. Read more

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