Plaintiffs’ complaint alleges, among other things, fraud and unfair business practices in the origination of plaintiffs’ residential mortgage loans, and negligence in the subsequent servicing of the loans, including negligent review of plaintiffs’ applications for loan modification. Plaintiffs contend the trial court erred in sustaining defendants’ demurrer when it concluded the complaint fails to allege […]
Judgment For Fraud Reversed…Lack Of Reliance.
A trustee brought an action against various persons and investment companies when the trust’s fund lost significant value in 2008. A jury awarded $4,640,380. In a lengthy opinion, the appellate court affirmed the judgment as to a breach of fiduciary duty against those defendants who are investment advisors, but reversed on the actual and constructive […]