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| | Case Decision: Independence Community Bank vs. John M. Catania, et al. NJ Superior Court Decision establishing ... |
 | | In an oral opinion dated March 12, 2004 in connection with summary judgement motions filed against non-defaulting defendants by Independence and intervening defendant Commerce Bank, this Court found that the defendants had perpetrated a fraudulent check kite as a result of which Independence had incurred losses of $3,900,778.81. |
 | | In conjunction with the guarantees, Kearny Depot and F.D.X. each executed a security interest against all of their assets including but not limited to accounts, accounts receivables, deposit accounts, contract rights, and any proceeds thereof. |
 | | And all of the identifiable checks deposited in the Kearny account thereafter were drawn from the accounts of entities involved in the check kite. |
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