Rector v. Approved Federal Savings Bank case brief summary
265 F.3d 248 (4th Cir. 2001)
CASE FACTS
The current motion for sanctions stemmed from the underlying suit which arose from an agreement in which the attorney, both personally and as trustee of a charitable remainder trust, agreed to sell to the bank his majority interest in a different bank. The attorney alleged that the bank failed to pay at least $ 20 billion dollars of the agreed purchase price. After the complaint was dismissed the bank moved for sanctions pursuant to Fed. R. Civ. P. 11. On the first appeal the attorney did not assert the 21-day safe harbor provision of Fed. R. Civ. P. 11. On his second appeal, for the first time, the attorney asserted the 21-day safe harbor defense.
DISCUSSION
CONCLUSION
The judgment was affirmed.
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265 F.3d 248 (4th Cir. 2001)
CASE SYNOPSIS
Plaintiff attorney, personally and as a
trustee, sued defendant bank alleging conspiracy, Racketeer
Influenced and Corrupt Organizations Act, and fraud claims. The case
was dismissed and the bank moved for sanctions. The motion was
granted and the attorney appealed. The court of appeals vacated and
remanded. On remand the United States District Court for the Eastern
District of Virginia again imposed sanctions. The attorney appealed.CASE FACTS
The current motion for sanctions stemmed from the underlying suit which arose from an agreement in which the attorney, both personally and as trustee of a charitable remainder trust, agreed to sell to the bank his majority interest in a different bank. The attorney alleged that the bank failed to pay at least $ 20 billion dollars of the agreed purchase price. After the complaint was dismissed the bank moved for sanctions pursuant to Fed. R. Civ. P. 11. On the first appeal the attorney did not assert the 21-day safe harbor provision of Fed. R. Civ. P. 11. On his second appeal, for the first time, the attorney asserted the 21-day safe harbor defense.
DISCUSSION
- The court of appeals affirmed and held the 21-day safe harbor provision was not jurisdictional and the attorney waived the defense when he failed to raise the argument to the district court in the first instance and he failed to raise it on the first appeal.
CONCLUSION
The judgment was affirmed.
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