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NY Lawsuit Trumps NC Lawsuit, Even Though NC Lawsuit Was First Filed
Wachovia Bank, N.A. v. Harbinger Capital Partners Master Fund I, Ltd., 2008 NCBC 6 (N.C. Super. Ct. March 13, 2008) (Diaz)
Wachovia was first to file its claims in North Carolina Superior Court, but the Business Court nevertheless stayed the action in favor of a later filed New York action.
The claims in both cases involved Wachovia’s arranging of $285 million in credit for Le Nature, which collapsed in a massive accounting fraud. After the fraud was revealed, the Defendants purchased some of Le Nature’s debt on the secondary market with the express intention of suing Wachovia for alleged complicity in the fraud.
Wachovia, in an effort to preempt the expected lawsuit by the Defendants in New York, filed a declaratory judgment in North Carolina and obtained an injunction prohibiting the Defendants from asserting any "personal tort claims." Wachovia asserted that Defendants had engaged in "illegal trafficking in litigation claims."
Undeterred, Defendants went ahead and filed a lawsuit against Wachovia Capital Markets in the Southern District of New York alleging a RICO violation. Defendants then moved to stay the North Carolina action pursuant to N.C.G.S. Sec. 1-75.12 in favor of their own later filed action. The Court granted the motion after considering the ten factors enumerated in Lawyers Mut. Liab. Ins. Co. v. Nexsen Pruett Jacobs & Pollard, 435 S.E.2d 571, 573 (N.C. App. 1993).Continue Reading NY Lawsuit Trumps NC Lawsuit, Even Though NC Lawsuit Was First Filed
Wachovia Bank, N.A. v. Harbinger Capital Partners Master Fund I, Ltd., 2008 NCBC 6 (N.C. Super. Ct. March 13, 2008) (Diaz)
The Court granted a Motion to Stay in this case, ruling that the plaintiff was required to litigate its claims in New York, even though its North Carolina action had been filed before the New York action. N.C.G.S. Sec. 1-75.12 in favor of their own later filed action. The Court granted the Motion after considering the
Plaintiff Entitled To Know Amount Of Coverage Remaining Under Defendant’s Insurance Policy
Harco Nat’l Ins. Co. v. Grant Thornton LLP, 2008 NCBC 5 (N.C. Super. Ct. March 4, 2008)(Tennille)
Plaintiff sent discovery regarding the Defendant accounting firm’s insurance coverage. In addition to obtaining information on the face amount of the policy, plaintiff also sought information on the other claims made under the policy and the amount of coverage
Harco Nat’l Ins. Co. v. Grant Thornton LLP, 2008 NCBC 4 (N.C. Super. Ct. Mar. 4, 2008)(Tennille)
Plaintiff sought information via a discovery motion not only as to the face amount of defendant’s insurance policies, but also the amount of coverage remaining. The Court ruled that plaintiff was entitled to this information, because "when it comes time to negotiate, the amount of liability coverage available to a defendant should be disclosed to
Wilbanks v. Laboratory Corp. of America, April 15, 2003 (Tennille)(unpublished)
The Court approved a voluntary dismissal of a class action, pre-certification, without notice to class members. There was a separate class action which had been settled in California, which bound the class members. The Court determined that "[s]ending a class notice regarding dismissal of this action would be costly, time-consuming, and confusing." Court approval of