Santander Accuses Pa. Law Firm Of Shoddy Loan Review

Law360, New York (January 6, 2014, 7:07 PM EST) -- Santander Bank NA has sued Pennsylvania-based law firm Friedman Schuman Applebaum Nemeroff & McCaffery PC in New Jersey for allegedly poor review work in the case of a now-bankrupt commercial borrower that secured $2.5 million in credit sources from the bank but later defaulted.

After Haas Environmental Inc. defaulted, Santander, formally known as Sovereign Bank, discovered that its liens on the borrower's assets were subordinate to prior liens securing about $6 million in debt, according to the suit, which was filed Dec. 12 in Essex County...
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