Lender Liability Suit Revived After Dismissal by Summary Judgment
July 7, 2016 in Case Summaries
The Dallas Court of Appeals reversed the summary judgment dismissal of a lender liability lawsuit brought by Levinger PC clients David Bagwell and The Bagwell Trust against BBVA Compass and its loan officer. Bagwell alleged that the defendants had defrauded him by representing that it would renew and not sell three promissory notes securing valuable real estate, when in fact it had secretly negotiated to sell the notes to a competitor of Bagwell. The defendants raised five defenses statute of frauds, res judicata, collateral estoppel, estoppel by contract, and the economic loss rule and the trial court granted summary judgment without specifying which defense supported its ruling. The Dallas Court of Appeals concluded that none of these defenses warranted the grant of summary judgment, and remanded the case for further proceedings. Bagwell v. BBVA Compass, No. 05-14-01579-CV, 2016 WL 3660403 (Tex. App.-Dallas July 7, 2016, no pet.) (mem. op.).
Courts: Texas Intermediate Appellate Courts
Subject Matter: Business Litigation, Oil & Gas/Real Estate