FIRST COMMUNITY BANK, N.A. V. FIRST TENNESSEE BANK, N.A., ET. AL. - Articles

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Posted by: Stacey Shrader Joslin on Aug 20, 2013

Court: TN Court of Appeals

Attorneys 1:

Lawrence F. Giordano and Linda J. Hamilton Mowles, Knoxville, Tennessee, and Daniel P. Lynch and William J. Wyrick, Cranberry Township, Pennsylvania, for the appellant, First Community Bank f/k/a First Community Bank, N.A.

Attorneys 2:

Mark D. Griffin, Lori H. Patterson, and Kristine L. Roberts, Memphis, Tennessee, for the appellees, First Tennessee Bank, N.A. d/b/a FTN Capital Markets and FTN Financial Securities Corporation.

Judge(s): MCCLARTY

Plaintiff brought this action against Defendants for fraud, constructive fraud, negligent misrepresentation, civil conspiracy, unjust enrichment, and violation of the Tennessee Securities Act, codified at Tennessee Code Annotated section 48-1-101, et seq. The claims arose out of the purchase of asset-backed securities. Defendants filed motions to dismiss for failure to state a claim, while Nonresident Defendants also objected to the court’s personal jurisdiction. The court dismissed the complaint as requested for failure to state a claim and for lack of personal jurisdiction. Plaintiff appeals. We affirm the dismissal of the complaint for lack of personal jurisdiction as to Nonresident Defendants but reverse the dismissal of the complaint for failure to state a claim as to the remaining defendants. We remand for proceedings consistent with this opinion.