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National Fidelity Mortgage Statement On Lawsuit by Precision Funding

Mortgage Daily

Published On: June 14, 2013
National Fidelity Mortgage Statement
On Lawsuit by Precision Funding
“Here the Court finds there is sufficient basis to invoke equitable estoppel and compel PFG to arbitrate its claims against NFM. The inextricable connection between the claims in this case and PFG’s arbitration claims against Itri and Prizzi, and the inextricable connection between NFM, Itri and Prizzi is demonstrated by the following summary: (1) the essence of the claims PFG asserts against Itri, Prizzi and NFM are the same; (2) PFG’s claims against NFM rise or fall based solely on the actions of Itri and Prizzi; (3) PFG’s legal cause of action against Itri, Prizzi and NFM are essentially identical; (4) the viability of PFG’s claim against NFM are exclusively based on the actions of Itri and Prizzi; and (5) all material issues in the case are bound up with and arise out of PFG’s employment agreements which contain the arbitration clause at issue.”

NFM, Inc. is currently awaiting scheduling of the arbitration hearing which is delayed as a result of Precision Funding’s current bankruptcy status. NFM, Inc. anticipates successfully defending the allegations in arbitration.

 

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