By The Law Offices of John Day, P.C. on Apr 08, 2024 06:00 am
Tennessee court holds that publicly available information triggered the duty to inquire and claim being barred by the statute of limitations. The Facts In First Community Bank, N.A. v. First Tennessee Bank, N.A., No. E2022-00954-COA-R3-CV (Tenn. Ct. App. Feb. 13, 2024), plaintiff bank purchased “approximately $135 million in asset-backed securities in the form of 11 notes issued by several collateralized debt obligations and a collateralized mortgage obligation,” including some purchased from defendant. All purchases were completed by 2007. By May 2008, plaintiff knew that the securities had lost significant value. The investment experienced continued losses, defaults, and downgrades in 2008 and 2009. Plaintiff eventually sold the securities, incurring an approximately $100 million loss.
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