Jacksonville Police & Fire Pf v. Cvb Financial Corp
Court of Appeals for the Ninth Circuit
1Opinion of the Court
OPINION
HURWITZ, Circuit Judge:
The last recession put the Garrett Group, a commercial real estate company, into serious financial trouble. In 2008, Garrett informed its largest creditor, CVB Financial Corporation (“CVB”), that it could not make payments on its loans. After the loans were restructured, Garrett informed CVB in early 2010 that it again could not make the required payments and was contemplating bankruptcy.
CVB nonetheless represented in 2009 and 2010 filings with the Securities and Exchange Commission (“SEC”) that there was no basis for “serious doubt” about Garrett’s ability to…
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