Associated Press, April 3, 2008

A federal judge refused a request on Wednesday by a group of banks to move a lawsuit filed by Clear Channel Communications and its buyers from Texas state court to the federal system.

The banks had sought to move the case out of Clear Channel’s home court after a Bexar County judge issued a temporary restraining order against them. Clear Channel and its proposed buyers, Bain Capital and Thomas H. Lee Partners, filed suit claiming the banks were trying to sink the deal. The banks — Citigroup, Morgan Stanley, the Credit Suisse Group, Royal Bank of Scotland, Deutsche Bank and Wachovia — argued the case should be moved to federal court because the parties reside in different jurisdictions.

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