U.S. Eagle asks a judge to throw out the Texas bank's lawsuit, saying it's too vague

U.S. Eagle Federal Credit Union asked a federal judge in Albuquerque on Oct. 22 to throw out the lawsuit Fidelity Bank of Texas filed against it in September. This is what the motion to dismiss says. Every point is U.S. Eagle’s argument. The bank’s claims are still only claims, and the judge has not ruled.

• U.S. Eagle “categorically denies any wrongdoing.”
• All three of the bank’s claims rest on fraud, it says, and federal court rules make a fraud claim spell out its details. It says the bank’s complaint does not.
• It says the complaint never names anyone at U.S. Eagle who said something false, and never says what was said, or when, where or how.
• It says the bank never points to the “internal documents” it says show problems with the loan. Nor does it point to the “offering materials” it says it relied on.
• It says the bank names none of the other “risky and problematic loans” it says U.S. Eagle sold.
• It says U.S. Eagle’s “reputation is being sullied by local and industry press coverage” of the bank’s claims.
• It says the bank has given the court no reason to think it did anything “other than manufacturing a specious fraud claim against [U.S. Eagle] out of whole cloth to address an investment loss.”

The bank bought a $5 million piece of a U.S. Eagle loan in early 2024. It accuses U.S. Eagle of fraud, breaking their contract and not dealing in good faith. U.S. Eagle’s answer was due Oct. 8. Its lawyers told the court on Oct. 20 that they represent it. They filed the motion two days later, the docket shows. The bank has not yet responded. It can answer the motion. Or it can file a new version of its complaint, which federal rules allow within 21 days. Read the bank’s complaint.