Litigation Team Succeeds in Defending Bank Client Against Claims of Anticipatory Breach of Commercial Construction Loan
Following a multi-day bench trial in Essex County, New Jersey, Windels Marx secured a complete victory on behalf of its client, Crown Bank, against its former customer. Douglas Stevinson was lead counsel on the case and was assisted by Maddalena Zefferino, who successfully defended the bank against claims for anticipatory breach of a construction loan by quoting a rate of interest for permanent financing in excess of what was provided for under the loan documents. Despite initially ruling that the loan document was ambiguous, the trial judge ultimately concluded that the bank’s interpretation of the instrument was correct and the quoted rate of interest for permanent financing was not an anticipatory breach. In addition to defeating the former customer’s affirmative claims, Mr. Stevinson secured a money judgment in favor of the bank for all of its reasonable costs and attorneys’ fees incurred in defending the lawsuit. The case is F.M. Renaissance LLC v. Crown Bank (Essex Cty. Law Div. 2024).
