Opinion ID: 1980454
Heading Depth: 2
Heading Rank: 3

Heading: Garretson action

Text: On May 5, 2000, plaintiff, Louise Garretson, suing on behalf of a putative class of property owners in Jersey City, filed suit against CSFBTLC Trust II, Bankers Trust, and Breen Capital. The plaintiff class claimed that the IPPs violated the TSL and CFA. The lawsuit was certified as a class action under Rule 4:32 for the TSL claim and those parts of the CFA claim that were premised on violations of the TSL. All of the named defendants filed answers. Bankers Trust filed third-party claims against Mellon Bank, Mellon Mortgage Company, and HSBC Bank USA as the Indenture Trustee. The trial court later dismissed Bankers Trust's third-party complaints. Plaintiffs moved for summary judgment on both liability and damages. The trial court granted the plaintiffs' motion for summary judgment, and ultimately issued a judgment against defendants in the amount of $5,125,056.78. The court also ordered defendants to forfeit the TSCs that had been the subject of IPPs.