Stewart Title Guaranty Company v. Credit Suisse

Filing 255

MEMORANDUM DECISION AND ORDER Stewart Title's Motion for Summary Judgment is hereby DENIED. re 163 . Signed by Judge Dee V Benson. (caused to be mailed to non Registered Participants at the addresses listed on the Notice of Electronic Filing (NEF) by (jp)

IN THE UNITED STATES COURT
FOR THE DISTRICT OF IDAHO

STEWART TITLE GUARANTY
COMPANY, a Texas Corporation,
Plaintiff,

MEMORANDUM AND ORDER
ON PLAINTIFF’S MOTION FOR
SUMMARY JUDGMENT

vs.

CREDIT SUISSE, Cayman Islands Branch,

Case No. 1:11-CV-00227-BLW

Defendant.

Before the Court is Stewart Title Guaranty Company’s (“Stewart Title’s”) Motion for
Summary Judgment. A hearing was held before the Court in Boise on August 18, 2014. Stewart
Title was represented by Steven B. Andersen and Thomas A. Banducci. Credit Suisse, Cayman
Islands Branch (“Credit Suisse”) was represented by Stephen E.W. Hale, Rita Cornish and James
Martin. Having considered the parties’ arguments, the relevant facts and law, the Court issues
the following order denying Stewart Title’s Motion for Summary Judgment.
Stewart Title moved the Court for summary judgment on Credit Suisse’s Counterclaims
asserting that Credit Suisse lacks standing. In order for Credit Suisse to satisfy it’s constitutional

standing requirement, it must prove it suffered an “injury in fact” which is “concrete and
particularized” harm to a “legally protected interest.” Sprint Communications Co.,
L.P. v. APCC Svcs, Inc., 554 U.S. 269 (2008)(quoting Lujan v. Defenders of Wildlife, 504 U.S.
555, 560-61 (1992)). At the hearing, given the unique circumstances of this case, the Court
ordered Credit Suisse to supplement the record with evidence supporting its claim of standing.
Based on the record, including the additional documents Credit Suisse has now produced
and the parties’ supplemental briefing, the Court is persuaded that Credit Suisse has satisfied its
Article III standing requirement and has the legal right to bring these Counterclaims.
The Court also finds that Credit Suisse’s alleged Counterclaims contain disputed issues of
material fact which preclude summary judgment. Therefore, Stewart Title’s Motion for
Summary Judgment is hereby DENIED.

DATED this 26th day of February, 2015.

_________________________________
Dee Benson
United States District Judge