Century Next Bank Seeks Damages From First National Capital Corporation for Alleged Breach and Fraudulent Misrepresentation
October 25, 2021, Southern District of Florida – Plaintiff Century Next Bank (“CNB”) institutes a legal proceeding against Defendant First National Capital Corporation (“FNCC”) for “breach of contract” and “fraudulent misrepresentation” in the bankruptcy case of Coast Financial, Inc. (“Debtor”)
The complaint alleges that Defendant and CNB had entered into an agreement that Defendant has “breached by providing incorrect information” about the value of an aircraft. The complaint further contends that due to Defendant’s breach of its contract, CNB suffered substantial damages as it made a loan to the Debtor secured by the aircraft, which was allegedly worth considerably less than the conservative value of $3,900.000.00 that Defendant had represented to CNB. The complaint also alleges that Defendant “fraudulently misrepresented” the aircraft’s maintenance history, the annual usage, and the anticipated future maintenance during the term of the loan from CNB.
Accordingly, Plaintiff demands judgment against Defendant for all direct and consequential damages arising from Defendant’s alleged “fraudulent misrepresentations” and “breach”.
In re Coast Financial, Inc., Case Number : 21-BK-16685-AJC