LOS ANGELES - Inovision Corp. said it settled a lawsuit with BankAmerica Corp. for $100 million.
Inovision, an entertainment company formerly known as Vestron Inc., had sued Security Pacific National Bank for not funding a $ 100 million loan commitment. The situation led to its Chapter 11 filing, Inovision claimed.
BankAmerica, which inherited the suit in its 1992 merger with Security Pacific Corp., said the settlement will be covered by a reserve and will have no effect on its income or financial condition.
Austin Furst, chairman and chief executive of Inovision, said BankAmerica "handled this matter fairly and responsibly," though the settlement will not make up for the losses suffered by shareholders.