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VARSOLONA v. BREEN CAPITAL

853 A.2d 865 (2004)

180 N.J. 605

John VARSOLONA, Ruth J. Fails, Garrett E. Reed, Jr., and Gwendolyn C. Reed, suing individually and on behalf of all other similarly situated plaintiffs, Plaintiffs-Appellants, v. BREEN CAPITAL SERVICES CORP., FBTLC Trust II, Bankers Trust Company, and GTL Investments, L.P., Defendants-Respondents and Bankers Trust, John Does 1 through 5 and ABC Co. 1 through 5, Defendants. Louise Garretson, individually and on behalf of all other similarly situated plaintiffs, Plaintiff-Appellant, v. CSFBTLC Trust II, a Delaware Statutory Trust, Bankers Trust Company, Breen Capital Services Corp., a New Jersey Corporation, Defendants-Respondents, and John Does 1 Through 5, and ABC Co. 1 through 5, Defendants.

Supreme Court of New Jersey.

Decided July 28, 2004.

Attorney(s) appearing for the Case

Peter S. Pearlman, Saddle Brook, argued the cause for appellants (Cohn Lifland Pearlman Herrmann & Knopf, attorneys; Jeffrey W. Herrmann, on the briefs).

Kevin McNulty, Newark, argued the cause for respondent Bankers Trust Company (Gibbons, Del Deo, Dolan, Griffinger & Vecchione, attorneys).

Andrew T. Solomon argued the cause for respondents Breen Capital Services Corp., and GTL Investments, L.P. (Parker McCay & Criscuolo, attorneys; Stacy L. Moore, Jr., on the letter in lieu of brief).

Gary F. Eisenberg, New Brunswick, argued the cause for respondents FBTLC Trust II and CSFBTLC Trust II (Windels Marx Lane & Mittendorf, attorneys).

Michael I. Gross, Atlantic City, submitted a brief on behalf of amicus curiae The National Tax Lien Association (Cooper Levenson April Niedelman & Wagenheim, attorneys).

Michael J. Gilmore submitted a letter in lieu of brief on behalf of amicus curiae Tax Collectors and Treasurers Association of New Jersey (Gilmore & Monahan, Toms River, attorneys).

Justice LaVECCHIA delivered the opinion of the Court.

These consolidated appeals involve two class action lawsuits stemming from bulk sales of tax liens by the City of Jersey City (Jersey City). In 1993 and again in 1994, Jersey City securitized its large inventory of tax liens, selling them to a trust, which in turn sold bonds in anticipation of revenue from the purchased liens. In these actions, plaintiffs specifically challenge the private installment payment plan...

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