Business Law
Promissory Note
Failure to Pay
Nancy Knupfer, German American Capital Corporation v. Worldwide Finance Inc., Flagstar Bank, FSB
Published: Dec. 24, 2005 | Result Date: Jun. 28, 2005 | Filing Date: Jan. 1, 1900 |Case number: BC270318 Bench Decision – $2,448,730
Judge
Court
L.A. Superior Central
Attorneys
Plaintiff
Defendant
Keith G. Wileman
(Milstein, Jackson, Fairchild & Wade, LLP)
Facts
Plaintiff German American Capital Corporation alleged that Defendant Flagstar Bank FSB failed to pay for promissory notes purchased in the secondary market. The plaintiff contended that the defendant's internal audit concluded that the defendant owed the money, but refused to pay. The defendant claimed that it had funded the underlying loans, rather than buying them from the plaintiff.
Result
Bench Decision: $2,448,727.
#89211
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