BUENA VISTA, Va. – A federal judge has dismissed a long-standing lawsuit against the city of Buena Vista.
ACA Financial Guaranty Group and two banks were all suing Buena Vista over financing for the city's golf course.
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More than a decade ago, the city borrowed $9 million to build the course. The facility never made money and Buena Vista later defaulted on the loans.
ACA Financial and the banks tried to seize city properties, including city hall, which were used to secure the loan. They ended up suing the city.
Friday, Federal Judge Norman Moon dismissed the suit, saying it has no merit.
A statement from Buena Vista Friday morning said it has been attempting to negotiate a settlement with ACA but the company has so far refused.