Morgan v. Blancher

GRIMES, Acting Chief Judge.

Appellant sued Dandi Merchandise, Inc. (Dandi) on a promissory note bearing an annual interest rate of 25%. Dandi defended and counterclaimed on the theory of usury. Appellant filed a third-party action alleging that Blancher, as a licensed securities agent, improperly induced him to “invest” money in Dandi for interest higher than the legal rate. The amended third-party complaint also alleged that Blancher failed to inform appellant of Dandi’s precarious financial condition and that Blanch-er was a director of Dandi and had a financial interest in that corporation.…