FCLT LOANS ASSET v. FIRSTCITY FINANCIAL

No. 01-06-00798-CV.

294 S.W.3d 661 (2009)

FCLT LOANS ASSET CORP. and Timothy J. Blair, Class Representative, Appellants, v. FIRSTCITY FINANCIAL CORPORATION, Appellee.

Court of Appeals of Texas, Houston (1st Dist.).

June 4, 2009.


Attorney(s) appearing for the Case

David A. Furlow, Thompson & Knight L.L.P., Kent Geoffrey Rutter, Odean L. Volker, Haynes & Boone, LLP, Robert S. MacIntyre Jr., MacIntyre & McCulloch, LLP, Houston, TX, Susan Hays, Law Office of Susan Hays P.C., Dallas, TX, for Appellant.

John L. Hopwood, Locke Lord Bissell & Liddell, LLP, Matthew Ray Reed, Thompson & Knight LLP, Houston, TX, for Appellee.

Panel consists of Justices JENNINGS, HANKS, and BLAND.


OPINION

JANE BLAND, Justice.

Before its failure in the early 1990s, FirstCity Bancorporation of Texas, Inc. (FirstCity), acting as trustee of its employee retirement trust, purchased a number of group annuity contracts (GACs) to replace the defined benefits formerly available to its employees under its employee retirement benefit plan. In 2001, Prudential Insurance Company (Prudential), one of the insurance companies from which FirstCity purchased GACs,...

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