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FAMM STEEL, INC. v. SOVEREIGN BANK

No. 08-1955.

571 F.3d 93 (2009)

FAMM STEEL, INC.; Austin Realty, Ltd., Plaintiffs, Appellants, Ann Gavin; Paul Gavin, Plaintiffs, v. SOVEREIGN BANK, Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided June 12, 2009.

Attorney(s) appearing for the Case

Susan D. Novins with whom Seegel Lipshutz & Wilchins LLP was on brief for appellants.

Richard E. Gentilli with whom Howard M. Brown, Lauren A. Solar, and Bartlett Hackett Feinberg P.C. were on brief for appellee.

Before LYNCH, Chief Judge, TORRUELLA and LIPEZ, Circuit Judges.

LYNCH, Chief Judge.

This case involves a once-profitable steel fabricating company, FAMM Steel, Inc. ("FAMM"), that fell on hard times while trying to expand its business. The company defaulted on its loans, and it was shut down and had its assets liquidated in 2004. Thereafter, it brought suit against Sovereign Bank ("Sovereign"), which provided the loans, claiming that the bank had caused its demise by forcing it to hire an incompetent financial manager who mismanaged...

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