Sequoia Partners, LLC et al v. Federal Deposit Insurance Corporation et al

Filing 37

ORDER: Adopting Report and Recommendation 32 ; Granting w/ prejudice Motion to Dismiss for Failure to State a Claim 16 . Ordered & Signed on 5/10/12 by Judge Owen M. Panner. (kf)

IN THE UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF OREGON

SEQUOIA PARTNERS, LLC, and
SEQUOIA VILLAGE, LLC,
No. 1:11-cv-03057-CL
P

intiffs,

v.
FEDERAL DEPOSIT INSURANCE
CORP., and SOUTH VALLEY
BANK & TRUST,

ORDER

Defendants.

PANNER, District Judge:

Magistrate Judge Mark D. Clarke filed a Report and
Recommendation, and the matter is now before this court.
U.S.C. § 636(b) (1) (B), Fed. R. Civ. P. 72(b).

When e

See 28

her party

objects to any portion of a Magistrate Judge's Report and
Recommendation, the district court makes a
of that

novo det

ion of the Magistrate Judge's report.

ion

28 U.S.C. §

636(b) (1) (C); McDonnell Douglas Corp. v. Commodore Bus. Mach.,
656 F. 2d 1309, 1313 (9th Cir. 1981).
Here, plaintiffs object to the Report and Recommendation, so

1 -

ORDER

I

I have

t

Judge Clarke

smatter de novo.

I agree with Magistrate

the statute of frauds bars plaintif

ims.

Plaintif

neither alleged nor presented evidence of an

enforceable wr

ten loan agreement.

Plaintiffs argue that they should be allowed to
amended compl

Ie an

and to present additional evidence of a

loan agreement.

iffs have had several opportunit

en
s to

submit documents supplying the essential terms of a loan
agreement, and they have failed to do so.

As Magistrate Judge

Clark notes, "If plaintiffs had signed a note for the $2.4 million
loan, they would allege such in their complaint.
allowing

H

I conclude that

iffs to amend the complaint would

i

Dismissal must be with prejudice.
Accordingly, I ADOPT the Report and Recommendat

of

Magistrate Judge Clarke.
CONCLUSION

Magistrate Judge Clarke's Report and Recommendation (#32) is
adopted.

De

s' motion to dismiss

(#16) is grant

prejudice.
IT IS SO ORDERED.
DATED

s ~ day of May, 2012.

OWEN M. PANNER
U.S. DISTRICT JUDGE

2

ORDER

with