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January 31, 2025
Court Dismisses Negligent Misrepresentation Case After Trial Because Defendant Did Not Have A Duty To Vet Bank
On December 23, 2024, Justice Melissa A. Crane dismissed Plaintiff’s remaining claim for negligent misrepresentation in a Decision After Bench Trial in ERA Capital L.P. v. Soleil Chartered Bank, Index No. 651984/2019. The dispute arose from a failed letter of credit ("LC") transaction that involved plaintiff ERA Capital L.P. ("ERA") and defendants Soleil Chartered Bank (individually, "SCB"), Soleil Capitale Corporation (individually "SCC," but together with SCB, "Soleil"), and Regions Bank ("Regions"). ERA alleges that Regions, who merely "advised" on the LCs, failed to investigate Soleil. Instead, according to plaintiff, Regions negligently told plaintiff that Soleil was "good" to be the LC's issuer, even after Regions received information that plaintiff claims should have led it to suspect that Soleil would issue LCs with no intention of making good on them. Read More