Opinion ID: 1980454
Heading Depth: 2
Heading Rank: 2

Heading: Varsolona action

Text: On March 23, 1998, plaintiff, John Varsolona, filed a class action suit on behalf of property owners whose properties were encumbered with TSCs and who had entered into IPPs. The plaintiffs claimed that the IPPs executed by or on behalf of defendants Bankers Trust, Breen Capital, and GTL Investments, L.P. (GTL) (a Delaware limited partnership that owned a portfolio of tax sale certificates serviced by Breen Capital) were inconsistent with the TSL, beyond the defendants' authority, and violated the CFA. The trial court certified the class and, after discovery was completed, both parties moved for summary judgment. On December 22, 1999, the trial court granted judgment for plaintiffs. The court determined that the TSL does not permit private parties to enter into IPPs with property owners and held that defendants' solicitation of the IPPs constituted a per se violation of the CFA. The court denied reconsideration. Plaintiffs thereafter sought summary judgment on damages and defendants moved for dismissal based on a statute-of-limitations affirmative defense. The trial court granted plaintiffs' motion and denied defendants' motion. Subsequently, the court entered an order clarifying its judgment, ultimately holding Bankers Trust and Breen Capital jointly and severally liable to the plaintiffs in the amount of $26,784,615.85.