Archive for March 22nd, 2011

Stern Suing the Banks

David Stern has filed suit against many of his former clients, the banks who helped him earn more money than most Americans can only dream about. 

I had two interesting thoughts as I read the story; hopefully these make you crack a smile in the midst of an anger-provoking, sad, twisted situation.  

1.  Apparently, Stern is suing the banks for breaching their contract to use his services.  Presumably, the banks will defend on the basis that Stern committed various nefarious acts of which we are all far too accustomed.  But that creates an obvious problem – do the banks really want to shine a light on all of the misconduct that Stern committed on their behalf?  When you think about it like that, it makes sense for the banks to pay Stern to go away.

To put it differently, how interesting would be it to be a fly on the wall for the discovery process in that lawsuit? 

Stern:  You breached our contract by not using my services.

Bank:  You committed fraud on thousands of homeowners.  You were a scam artist.  A con.  We had to stop using your services. 

Stern:  That’s not true.  Prove it.

Bank:  (providing documentation and other proof)

2.  Is Stern going to demand a jury trial?  Somehow, I don’t think a jury pool in South Florida will think too fondly of him.  Of course, Stern’s only other option would be a bench trial, and I don’t think any Florida judges are particularly fond of his act, either.

Mark Stopa

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