HSBC Watch News Release Forum Index
Forum Name: - HSBC Mortgages
Topic Title: Refused $484 Million Settlement, Lost Anyway
Mon Mar 20, 2006 11:49 am
This is an update from our follow-up file. Here is our original posting. Here is the final result, dated Tuesday, February 14, 2006
BILLY SUDDARTH, JR, ET AL. v. HOUSEHOLD COMMERCIAL FINANCIAL SERVICES, INC., ET AL.
Court: TCA
Attorneys:
G. Kline Preston, Nashville, Tennessee, for the appellants, Billy Suddarth, Jr., and Angela Suddarth.
Neal H. Levin, Chicago, Illinois, and D. Alexander Fardon, Nashville, Tennessee, for the appellee, Household Commercial Financial Services, Inc.
Judge: CLEMENT
Billy Suddarth, Jr. and Angela Suddarth appeal the summary dismissal of their action, which was dismissed on the grounds of res judicata, collateral estoppel, the Full Faith and Credit Clause, and the compulsory counterclaim rule of the Federal Rules of Civil Procedure. In the former action in the United States District Court for the Northern District of Illinois wherein the Suddarths were defendants, Household Commercial Financial Services, Inc. alleged the Suddarths breached a guaranty agreement by failing to pay a deficiency owing on the underlying credit agreement they had guaranteed.
Household prevailed on the merits in the former action against the Suddarths. In the present action in the Circuit Court of Davidson County the Suddarths allege fraud, fraudulent inducement and civil conspiracy against Household and two other defendants concerning the guaranty agreement that was the subject of the former action in the United State District Court. The present claims by the Suddarths arose out of the same transaction or occurrence that was the subject of Household's action in the United State District Court; therefore, it was compulsory that the Suddarths' claims be presented in the former action. The Suddarths failed to do so. Therefore, we affirm the dismissal of this action.
http://www.tba2.org/tba_files/TCA/2006/suddarthb021406.pdf
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