An arbitration panel has ruled against German company Intertainment in its case against the bank Comerica, TheWrap has confirmed.
Independent Film and Television Alliance abritration panel ruled that former production and financing organization Intertainment owes Comerica $9 million in court costs and other fees.
The dispute dates back to 2004, when Intertainment won a $121.7 million verdict against Franchise Entertainment. The jury ruled that Franchise had wrongfully inflated budgets in movies that Intertainment financed.
In the suit against Comerica, Intertainment claimed that the bank approved completion bonds that were based on Franchise's phony budgets.
On Wednesday, the bank issued a statement saying, "We are pleased that the panel confirmed that Comerica acted ethically and appropriately in respect of the entertainment licensing matter. The panel found in Comerica’s favor on all claims, which fully vindicates our organization."
Independent Film and Television Alliance arbitration panels are made up of entertainment lawyers "who hear arguments, review evidence and issue binding decisions called arbitration awards. IFTA Arbitration is less formal, less expensive and more expedient than litigation. Many matters submitted to IFTA Arbitration are settled during the arbitration process," according to the IFTA.