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FIRST COM. CORP. v. HIBERNIA NAT. BANK OF NEW ORLEANS

Civ. A. No. 91-2743.

876 F.Supp. 830 (1994)

FIRST COMMONWEALTH CORPORATION v. HIBERNIA NATIONAL BANK OF NEW ORLEANS.

United States District Court, E.D. Louisiana.

November 2, 1994.

Attorney(s) appearing for the Case

John C. Combe, Jr., Warren M. Schultz, Jr., M. Richard Schroeder, and T. Michael Twomey, Jones, Walker, Waechter, Poitevent, Carrere & Denegre, New Orleans, LA, for First Commonwealth Corp.

Robert Stephen Rooth, Corinne Ann Morrison, James Calvin Young, Chaffe, McCall, Phillips, Toler & Sarpy, New Orleans, LA, and John F. Weeks, II, Usry & Weeks, Metairie, LA, for Hibernia Nat. Bank of New Orleans.

Robert G. Stassi, Chehardy, Sherman, Ellis, Breslin & Murray, Metairie, LA, and Frank Gerald DeSalvo, New Orleans, LA, for Leonard H. Aucoin and W. Joel Herron.

Richard Terrell Simmons, Jr., and Kurt D. Engelhardt, Hailey, McNamara, Hall, Larmann & Papale, Metairie, LA, for Dennis J. LaFont.

Laurence D. Rudman and Pierre V. Miller, II, Kiefer & Rudman, APLC, Metairie, LA, for Jerry F. Palmer.

Jerry F. Palmer, pro se.

MEMORANDUM AND ORDER

SEAR, District Judge.

Background

This action was filed by plaintiff First Commonwealth Corporation ("FCC") alleging that defendant, the Hibernia National Bank of New Orleans ("Hibernia"), breached the terms of a custodian agreement. The contract called for approximately nine million dollars pledged as collateral for a loan made by FCC to Insurance Premium Assistance Company ("IPAC") to be placed in Hibernia's...

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