Noncustomer Negligence Claim Should Stand, NJ Court Hears

Law360, New York (September 10, 2013, 6:49 PM EDT) -- A businessman accusing Oritani Savings Bank of omitting critical information that undercut his control over joint venture funds can bring a common law, noncustomer negligence claim against the financial institution, or case law addressing such liability is meaningless, his attorney told the New Jersey Supreme Court on Tuesday.

Oral arguments in the banking law case follow the appellate division's 2011 decision to revive Brendan Allen's noncustomer claims against Oritani over a material hauling venture gone sour. The panel took guidance from the Supreme Court's 2001 decision...
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