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eBook details

• Title: Power & Telephone Supply Co.
• Author : United States Court of Appeals
• Release Date : January 17, 2006
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 81 KB

Description

Plaintiff Power & Telephone Supply Company, Inc. (P&T), brought this action against the interrelated SunTrust defendants seeking to recover $6 million in costs incurred under two derivative interest rate "swap" agreements that P&T entered into as a hedge against increases in the variable interest rate on its syndicated lines of credit. P&Ts third amended complaint asserted claims against the SunTrust defendants under theories of breach of contract, breach of fiduciary duty, agency, negligence, common law suitability, deceptive trade practices in violation of the Tennessee Consumer Protection Act (TCPA) (Tenn. Code Ann. § 47-18-109(a)(1)), and illegal tying under the Bank Holding Company Act (12 U.S.C. § 1972). The district court first dismissed some of P&Ts claims, and then granted summary judgment to defendants on the rest. Defendants brought a counterclaim seeking indemnification for the attorney fees and costs incurred in defending this action. The district court granted summary judgment to defendants on their counterclaim, and subsequently entered judgment in defendants favor in the amount of $802,535.93.

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