Wed, May 23, 2012 | 19:00 BST
Bank suing Konami and Autumn Games over $15M Def Jam Rapstar credit line
City National Bank has filed a lawsuit against Konami and Autumn Games or allegedly defrauding on a $15 million line of credit for the development of Def Jam Rapstar.
According to documents filed with the Los Angeles Superior Court, the bank claims the companies “lied” to in order to secure credit by promising to pay the loan back with proceeds from the sales of the game.
City National also claims a payment has yet to be made, citing that after the loan was approved, the parties made “baseless and unrealistic projections,” by stating the game would ship 2.5 million units in its first year.
It was announced earlier this month that 4MM Games, which developed the title for the aforementioned parties, was on the verge of closing shop after EMI has asked for more than $8 million in royalties.
4MM wasn’t named in the suit City National filed against Konami and Autumn Games.
Via Courthouse News, GamePolitics.