Delta Financial Corp. v. Morrison

OPINION OF THE COURT

Ira B. Warshawsky, J.

Background

Delta Financial Corporation (DFC) filed a lawsuit against defendants James Morrison, Delta Funding Residual Exchange Company, LLC, and its management company, Delta Funding Residual Management, Inc. (collectively hereinafter known as LLC) after LLC allegedly withheld certain monies allegedly due DFC. LLC thereafter commenced an action for approximately $110,000,000 for, among other things, fraud with regard to an exchange of assets between LLC and DFC in and about August 2001 (the 2001 exchange).

In or about July 2004, LLC commenced an action…