Legal Opinion
FAMM Steel, Inc. v. Sovereign Bank
Court of Appeals for the First Circuit
Decided June 12, 2009No. 08-1955PublishedCited by 54 opinions
1Opinion of the Court
LYNCH, Chief Judge.
This case involves a once-profitable steel fabricating company, FAMM Steel, Inc. (“FAMM”), that fell on hard times while trying to expand its business. The company defaulted on its loans, and it was shut down and had its assets liquidated in 2004. Thereafter, it brought suit against Sovereign Bank (“Sovereign”), which provided the loans, claiming that the bank had caused its demise by forcing it to hire an incompetent financial manager who mismanaged the company’s accounts and then engaging in a course of action that exacerbated the problem. The company alleged the bank was…
2Cases cited32 opinions
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- Krivo Industrial Supply Company and Morgan Precision Parts, Inc. v. National Distillers and Chemical CorporationCourt of Appeals for the Fifth Circuit · 1973
- Ahern v. ScholzCourt of Appeals for the First Circuit · 1996
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3Cited by54 opinions
- Kolbe v. BAC Home Loans Servicing, LPCourt of Appeals for the First Circuit · 2012
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