Execu-Ride Inc., a New Jersey car rental company, is suing Trucker’s Bank Plan, an automotive finance company and division of 1st Source Bank, for consumer fraud, malicious interference and breach of good faith, among seven total counts.
On Oct. 23, the Superior Court of New Jersey granted summary judgment in favor of 1st Source Bank on five of those counts, yet denied summary judgment on two counts regarding malicious interference and defamation.
Execu-Ride alleges that the bank lowered its borrowing limit in 2013, based on false information provided by an Execu-Ride competitor. The lawsuit asserts that the bank didn’t investigate the claim with Execu-Ride but instead lowered the company’s borrowing limit by $1 million. According to the lawsuit, the bank’s actions have caused damage to Execu-Ride.
Chris Craft, president and COO of the 1st Source Bank Specialty Finance Group, issued this statement related to the Execu-Ride lawsuit:
“1st Source Bank filed suit three years ago against Execu-Ride and Dustin Valenti to collect on past due loans. The Bank has since been paid in full. Unfortunately, Mr. Valenti continues to press forward with meritless counterclaims and false statements in the media. Last week, the court in New Jersey entered summary judgment in favor of 1st Source Bank on most of these counter-claims. 1st Source continues to defend the two remaining claims and we are confident that the Bank will be fully exonerated.”