Libel Trial Begins In Dallas
January 26, 2009
Arguments began this morning in Dallas that pit a mortgage loan servicer against a member of a family that owned a property that it foreclosed on.
Orix Capital Markets and Wells Fargo Bank filed the suit against Cyrus Rafizadeh and his Web site Predatorix.com. The two companies say that Rafizadeh has defamed and libeled their companies in retaliation for their foreclosure on an apartment complex in Louisiana that was owned by his family.
The libel claim was filed in a counter suit to a claim filed in connection to the Louisiana foreclosure by a company called Super Future Equities, for which Rafizadeh was a corporate officer.
Super Future Equities owned shares in the securitized mortgage trust that owned the loan on the apartment complex that was owned by Rafizadeh’s family.
The original suit claimed that Orix engineered the foreclosure on the apartment complex, even though the payments were up to date.
U.S. District Judge Jane J. Boyle, who is also hearing the libel case, dismissed the original lawsuit filed by Super Future Equities because the company could not show that it had suffered any damages by investing in the trust. The 95 page suit is available for view on the Preditorix Web site.
Orix’s libel case says that Super Future Equities was incorporated in the thick of the foreclosure battle in Louisiana for the express purpose of exacting revenge. The trial is expected to last five days.
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