Countersuit filed over radio deal
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From Times Wire Services
Citigroup Inc. and five other banks sued Clear Channel Communications Inc. and its buyers, Bain Capital and Thomas H. Lee Partners, a week after the banks were sued for refusing to fund the $19.5-billion acquisition.
The banks stand to lose at least $2.7 billion if forced to fund the deal because loan prices have fallen since they agreed to the transaction last April. They are seeking to limit their liability to $600 million, according to the countersuit filed in New York.
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