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UNITED REPUBLIC INS. CO. v. CHASE MANHATTAN BANK

No. 100-CV-76.

168 F.Supp.2d 8 (2001)

UNITED REPUBLIC INSURANCE COMPANY, in Receivership, Plaintiff, v. CHASE MANHATTAN BANK; Fleet Bank; Fleet National Bank; Shawmut Bank Connecticut, c/k/a Fleet National Bank, as Indentured Trustee of the Trust Indenture and Security Agreement; Lincoln Bank; Chase Lincoln Bank; Shawmut Bank Connecticut, National Association, as Trustee of the Trust Indenture and Security Agreement; Bank of New York, as Trustee of Alpha Trust; Alpha Trust; and the Bank of New York, Defendants.

United States District Court, N.D. New York.

August 21, 2001.

Attorney(s) appearing for the Case

Ainsworth, Sullivan, Tracy, Knauf, Warner & Ruslander, PC, John W. Bailey, Rebecca A. Slezak, of counsel, Albany, NY, for plaintiff.

Nixon Peabody, LLP, Carolyn G. Nussbaum, Steven S. Miller, of counsel, Rochester, NY, for defendants Chase Manhattan Bank, Fleet Bank, Fleet National Bank, Shawmut Bank Connecticut c/k/a Fleet National Bank, Lincoln Bank, and Chase Lincoln Bank ("Lender Banks").

Buchanan, Ingersoll, William M. O'Connor, for counsel, New York City, for defendants Shawmut Bank Connecticut, National Association, as Trustee of the Trust Indenture and Security Agreement, ("Indenture Trustee"), Alpha Trust.

King & Spalding, Jennifer L. Hurley, Jeffrey Q. Smith, of counsel, New York City, for defendant Bank of New York.

MEMORANDUM-DECISION AND ORDER

HURD, District Judge.

I. INTRODUCTION

Plaintiff, United Republic Insurance Company (hereinafter "URIC" or "plaintiff"), seeks damages as a result of the failed repayment of its loan to the defendant Alpha Trust, which was created by URIC's majority shareholder, Albert Lawrence, to repay debts for another of his companies. In its amended complaint, URIC alleges six claims: (1) breach of fiduciary...

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