Civil Procedure Keyed to Spencer
Lehman v. Revolution Portfolio L.L.C.
Barry Lehman (Plaintiff) and Stuart A. Roffman (Third-party Defendant) were beneficial-interest holders in the Farm Street Trust (the Trust). The Trust took out a $2.8 million loan from First Mutual Bank for Savings (Defendant) and defaulted. Third-party Defendant and Plaintiff had guaranteed the loan, and Plaintiff put up property as collateral. The Bank foreclosed on the property. Plaintiff sued for rescission in state court, arguing that the Bank had negligently made the loan based on Third-party Defendant’s fraud. Later, the Bank went under. The Bank’s insurer, the Federal Deposit Insurance Corporation (FDIC), removed the case to federal court and was substituted as the defendant. The FDIC amended its answer and counterclaimed against Plaintiff, with the court’s permission because six months had elapsed. The FDIC counterclaimed against Plaintiff, as guarantor, for the balance of the loan. The FDIC also filed a third-party complaint against Third-party Defendant, seeking indemnification and contribution and asserting a claim on the loan. After Third-party Defendant filed his answer, the FDIC requested summary judgment. Third-party Defendant moved to strike the complaint against him. Then Plaintiff entered bankruptcy proceedings and requested a stay; the lawsuit was dismissed without prejudice. The FDIC asked for a decision on its summary judgment motion. The court reinstated the third-party complaint, denied Third-party Defendant’s motion to strike, dismissed the claims for indemnity and contribution without prejudice, and granted the FDIC summary judgment. The FDIC moved to have Revolution Portfolio LLC (RP) substituted as the real party in interest, as the Bank’s assignee, and the court granted the request. Third-party Defendant objected to the substitution and also moved for relief from the summary judgment order. The motion was denied. Third-party Defendant appealed to the United States Court of Appeals for the First Circuit.
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