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Business Associations Keyed to Coffee, 9th Ed.
Central Bank of Denver, N.A. v. First Interstate Bank of Denver, N.A.
Citation:
511 U.S. 164 (1994)Facts
In 1986 and 1988, the Colorado Springs-Stetson Hills Public Building Authority issued bonds to finance public improvements at a planned development. Central Bank of Denver served as the indenture trustee. The bonds were secured by landowner assessment liens, with bond covenants requiring that the land value be worth at least 160% of outstanding principal and interest. In early 1988, Central Bank received information suggesting the land values might be declining and the 160% test might not be met. The bank’s in-house appraiser reviewed the updated appraisal and found it potentially optimistic given market conditions. He recommended an independent review, but Central Bank decided to delay this review until six months after the June 1988 bond closing. Before the independent review was completed, the Authority defaulted on the bonds. First Interstate Bank and Jack Naber, who had purchased $2.1 million of the 1988 bonds, sued Central Bank and others, alleging that Central Bank was secondarily liable under Section 10(b) for aiding and abetting the fraud by delaying the independent appraisal review.
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