Civil Procedure Keyed to Marcus
Janney Montgomery Scott, Inc. v. Shepard Niles Inc.
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Janney is an investment banking corporation who was hired by Underwood to advise Underwood and its subsidiaries and to assist them in obtaining private placement financing. One of the subsidiaries is Shepard Niles. A banking investment agreement was signed in January. By February it did not appear that Janney had any concrete results for Shepard Niles. So Underwood entered in negotiations with another company called UniBank. UniBank help Shepard receive financing. Janney alleges that they gave substantial advice to Underwood and Shepard, and thus deserved the fee under the agreement, Underwood disagreed. Janney filed a state action against Underwood and Shepard for lack of payment, and then filed another federal action against UniBank for tortious interferences with contractual relations. In the federal this suit Janney tried to join Shepard and the court denied the joinder. So then Janney filed a separate federal action against Shepard and Shepard contended that the case should be dismissed because Underwood is an indispensible party that was not joined to that action. The court agreed and dismissed that case, Janney appealed.
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