Oceanside 84, Ltd. v. Fidelity Federal Bank

In 1987, plaintiff and appellant Oceanside 84, Ltd., a limited partnership (appellant), borrowed $2.45 million from defendant and respondent Fidelity Federal Bank (Fidelity). According to the terms of the loan agreement, Fidelity was authorized to adjust the interest rate charged to appellant every six months. In 1993, appellant filed a lawsuit for breach of contract and unfair trade practices against Fidelity, alleging that Fidelity was overcharging interest. In brief, the allegations of the complaint centered around the date that Fidelity selected to recalculate interest payments on appellant’s loan. Fidelity’s motion for summary adjudication was granted as to the unfair trade practices cause of action in May 1994. Fidelity filed a motion for class certification, and the issue of liability was bifurcated and tried before the court prior to a determination of the class certification motion. Judgment was entered on behalf of Fidelity in February 1996, and appellant appealed (No. B101583), contending the trial court erred in denying its request for jury trial and in interpreting the terms of the contract. In April 1996, the trial court granted Fidelity’s postjudgment…