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.
The revenue increase was driven primarily by a higher net revenue margin associated with two new subscription tiers launched in the second quarter.