Rapid Funding Group, Inc. v. KeyBank NACase No. CV07-1348 PK We defended KeyBank against an action by Rapid Funding Group to recover damages based on representations and warranties allegedly made by KeyBank in conjunction with loans by RFG to third-party Trade Base Equipment. Plaintiff's initial complaint alleged five causes of action against KeyBank N.A. -- two for breach of contract, and one each for breach of an alleged loan agreement, fraud and negligent misrepresentation. On January 29, 2008, RFG filed an Amended Complaint asserting a single claim for fraud based on the facts and circumstances underlying the above referenced loans from RFG to TBE. Plaintiff's Amended Complaint seeks damages in the amount of $1.75M prejudgment interest, and additional unspecified damages for lost profits, costs and attorneys fees. Plaintiff and KeyBank both moved for Summary Judgment, which was denied. The case was successfully settled as the parties were preparing for trial in July 2010. |