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NORDIC BANK PLC v. TREND GROUP, LTD.

No. 83 Civ. 9107 (GLG).

619 F.Supp. 542 (1985)

NORDIC BANK PLC, Plaintiff, v. The TREND GROUP, LTD., Lease Trend Company, William Klein, Chase Manhattan Bank, N.A., First National Bank of Louisville, Provident National Bank, the Connecticut Bank and Trust Co., N.A., General Motors Acceptance Corporation, Ultra Funding Corporation, Northeastern Bank of Pennsylvania, Ford Motor Credit Company and Citibank, N.A., Defendants. The TREND GROUP LTD., formerly Conn-Trend Leasing Corporation and Lease Trend Corp., Lease Trend Company, formerly Flourtown Leasing, Inc., Serv Trend, N.V. and Moss Vend, Ltd., Plaintiffs, v. NORDIC BANK PLC LONDON, Nordic American Banking Corporation, Svenska Handelsbanken, Den Norske Creditbank, Copenhagen Handelsbank A/S, Kansallis Osake Pankki, Jan E.H.M. Ekman, John Sclater, John R. Nelson, Michael S. Mathews, Hans Ostergaard, Erling Naper, Olli Kaila, Nordic Finance Limited, Nordic Leasing Limited, and Stewart G. Smith, Defendants.

United States District Court, S.D. New York.

September 17, 1985.

Attorney(s) appearing for the Case

Kraver & Martin, New York City, for plaintiffs; Richard M. Kraver, Lewis S. Fischbein, of counsel.

Butler, Fitzgerald & Potter, P.C., New York City, for defendants Nordic Bank PLC, Nordic American Banking Corp., Svenska Handelsbanken, Kansallis Osake Pankki, Jan E.H.M. Ekman, Olli Kaila, John Sclater, John R. Nelson, Michael S. Mathews, Nordic Finance Limited, Nordic Leasing Limited, Stewart G. Smith; Stuart Potter, Susan A. Glover, Joyce H. Young, of counsel.

Davis, Polk & Wardwell, New York City, for defendants Copenhagen Handelsbank A/S, Den Norske Creditbank, Hans Ostergaard, and Erling Naper; Richard E. Nolan, Christian J. Mixter, Julia L. Brickell, of counsel.

OPINION

GOETTEL, District Judge:

On December 5, 1983, Nordic Bank PLC London ("NBL"), a London bank, brought an action ("the Nordic action") in the United States District Court for the Eastern District of Pennsylvania naming the Trend Group Limited ("Trend"), Lease Trend Company ("Lease Trend"), William H. Klein and nine financial institutions as defendants. The action sought to cut off the security interests that the nine financial institutions allegedly...

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