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Originally published Wednesday, February 27, 2013 at 6:25 PM

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Mastro trustee reaches deal with bank lender

Seattle Times business staff

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The court-appointed trustee in Michael R. Mastro’s bankruptcy case has negotiated a compromise with one of the former developer’s bank lenders that will pay $1.3 million to Mastros’ creditors and/or the lawyers representing them.

The deal settles a lawsuit that trustee James Rigby filed in 2011 against Northern Trust Bank, which loaned a Mastro entity $13.7 million in 2007 to pay for insurance policies on Mastro’s life.

The suit sought to recover assets Mastro had transferred to Northern Trust to secure or repay that loan before he entered bankruptcy.

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