PHILADELPHIA – A New Orleans-based financial institution alleges a Swathmore business misrepresented contracts.
Crescent Bank & Trust filed a complaint on Nov. 14 in the U.S. District Court for the Eastern District of Pennsylvania against C.R. Loughead Inc. alleging breach of contract and fraud.
According to the complaint, the plaintiff and defendant entered into a non-recourse dealer agreement that permitted the plaintiff to purchase motor vehicle retail installment sales contracts originated by the defendant.
The plaintiff holds C.R. Loughead Inc. responsible because the defendant allegedly misrepresented the value of certain vehicles that it sold to pass the plaintiff's underwriting requirements and induce it into purchasing contracts.
The plaintiff seeks the amount of at least $228,374.76 plus interest, court costs, additional damages, and any further relief the court grants. It is represented by Brendan H. Little of Lippes Mathias Wexler Friedman LLP in Buffalo, New York.
U.S. District Court for the Eastern District of Pennsylvania Case number 2:17-cv-05128-BMS