First Commonwealth Corp. v. Hibernia National Bank of New Orleans

MEMORANDUM AND ORDER ■

SEAR, District Judge.

Background

This action was filed by plaintiff First Commonwealth Corporation (“FCC”) alleging that defendant, the Hibernia National Bank of New Orleans (“Hibernia”), breached the terms of a custodian agreement. The contract called for approximately nine million dollars pledged as collateral for a loan made by FCC to Insurance Premium Assistance Company (“IPAC”) to be placed in Hibernia’s care. Plaintiff claims that it was injured when the value of this collateral fell to approximately one million dollars due to defendant’s negligence.

Hibernia moved…