Northern California Record

Tuesday, November 19, 2019

Bank allegedly accused of negligent misrepresentation

Lawsuits

By Noddy A. Fernandez | Oct 27, 2018

Law money 04

SAN FRANCISCO — A property owner is suing financing companies, citing alleged fraud, negligent misrepresentation and unjust enrichment.

Sheldon Fong filed a complaint on Oct. 3, in the San Francisco Superior Court, against Trans Pacific Bank, Old Republic Title Co., Chicago Title and Does 1-100, alleging that the defendants breached a duty to maintain proper and accurate banking and loan records to avoid default of payments and foreclosure.

According to the complaint, on May 11, 2012, despite Sheldon Fong on behalf of United Three Group Inc. continued making payments on several loans, defendants allegedly began foreclosure proceedings but continued to accept payments on the outstanding note. 

Plaintiff claims if defendant had recognized the payoff amounts, he would have had $3,273,128 in the accounts in order to satisfy any and all outstanding loan amounts. 

The plaintiff alleges the defendants failed to honor the certificates of deposit that were supposed to be used to satisfy the loan amounts.

The plaintiff requests a trial by jury and seeks judgment for general and special damages for the sum of $3,070,023, treble damages of $12.1 million, attorney's fees, suit incurred, and for such other and further relief as the court may deem just and proper.

San Francisco Superior Court Case number CGC18570276

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