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BANK OF THE WEST v. VALLEY NAT. BANK OF ARIZONA

Nos. 92-16278, 92-16382.

41 F.3d 471 (1994)

BANK OF THE WEST, a California Banking Corporation, Plaintiff-Appellee-Cross-Appellant, v. The VALLEY NATIONAL BANK OF ARIZONA, an Arizona Banking Corporation, Defendant-Appellant-Cross-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided November 23, 1994.

Attorney(s) appearing for the Case

Michael D. Torpey, Orrick, Herrington & Sutcliffe, San Francisco, CA, for defendant-appellant-cross-appellee.

Kenneth K. Kennedy, Kennedy & Schisler, San Jose, CA, for plaintiff-appellee-cross-appellant.

Before: POOLE, BEEZER and KLEINFELD, Circuit Judges.

KLEINFELD, Circuit Judge:

Two banks loaned $11 million dollars pursuant to a loan participation agreement between them. The participating bank relied more heavily on the lead bank than the participation agreement allowed. After the debtor failed, a flood of lawsuits cost the lead bank millions of dollars. The lead bank sued the participating bank to recover one-half the litigation expenses. The participating bank counterclaimed, alleging that the lead bank fraudulently...

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