Amended Complaints Not Bound By Earlier Claims: 3rd Circ.

Law360, New York (April 4, 2013, 9:56 PM EDT) -- The Third Circuit ruled Thursday that statements made in a lawsuit are not binding judicial admissions and can be voided by assertions made in subsequent complaints even if they contradict the original claims, reviving a loan dispute between Huntington National Bank and several student-housing developers.

The appeals court reopened the breach-of-contract suit that the developers — all limited-liability companies made up of the same sponsors — brought against Huntington in December 2011, after the lender allegedly financed a competing development and cut off funding to two...
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