Recoll Management Corp. v. Stone & Webster Engineering Corp.

FINDINGS

In accordance with Mass.R.Civ.P. 52(a), the court finds the following facts to be established by a reasonable preponderance of the evidence.

The Parties and Principals

1. The plaintiff Recoil Management Corporation (“Recoil”) is a Rhode Island corporation and a subsidiary of the Fleet Financial Group. It is a non-bank asset management and collection company. During the early 1990s, it contracted with the Federal Deposit Insurance Corporation (“FDIC”) to collect, manage, and liquidate nonperforming loans which the FDIC had assumed as receiver for failed banks. As this work gradually…