DISCLAIMER: Any unofficial case summaries below are prepared by the clerk's office
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151375P.pdf 12/21/2015 CitiMortgage v. Chicago Bancorp
U.S. Court of Appeals Case No: 15-1375
U.S. District Court for the Eastern District of Missouri - St. Louis
[PUBLISHED] [Wollman, Author, with Colloton and Kelly, Circuit Judges]
Civil case - Contracts. Under the parties' agreement, plaintiff had sole
and exclusive discretion to determine whether loans it had purchased from
defendant were defective and the court could not review the validity of
its determination; even if plaintiff's determinations with respect to
certain loans were erroneous, defendant failed to show plaintiff acted in
bad faith, and the district court did not err in granting plaintiff's
motion for summary judgment; damage-limiting doctrines cited by defendant
do not trump the plain language of the parties' contract, and the district
court properly awarded plaintiff the repurchase prices as calculated using
the formula set out in the contract.