NEW YORK (AP) -- A New York judge on Friday agreed to keep Clear Channel Communications Inc. out of a New York lawsuit concerning its stalled $19.5 billion buyout by a group of private-equity firms.That decision appears to keep alive a second deal-related lawsuit in Texas, which a group of banks had tried to get dismissed. The banks are being sued for allegedly stalling on providing financing for the deal. Clear Channel is based in San Antonio.
A statement that Clear Channel released after the ruling said, "We are grateful that Justice Freedman sent our case back to Texas where it belongs. The banks can have their lawyers churn out as many motions and briefs as they want, but ultimately this case boils down to a simple question of right and wrong, and they will face a jury in Texas to decide that question."
Representatives of the private-equity firms, Bain Capital LLC and Thomas H. Lee Partners, had no comment, and bank representatives offered no immediate comment.
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