Jordan

Jordan v. Paul Financial, LLC

Good Law

745 F. Supp. 2d 1084·2010 WL 3892261·2010 U.S. Dist. LEXIS 103610

United States District Court, Northern District of CaliforniaSeptember 30, 2010C 07-04496 SICalifornia6,968 words

Opinion

Illston, J.

ORDER GRANTING IN PART AND DENYING IN PART DEFENDANT RBS’ MOTION TO DISMISS

Defendant RBS Financial Products, Inc. Has moved to dismiss plaintiffs’ Fourth Amended Complaint. As set forth below and for good cause shown, the Court GRANTS in part and DENIES in part defendant’s motion to dismiss.

BACKGROUND

Plaintiffs filed a class action complaint against Paul Financial, LLC (“Paul Financial”) and Does 1-10 on August 30, 2007. The complaint was amended four times to add plaintiffs Eli Goldhaber and Josephina Goldhaber, as well as add defendants Luminent Mortgage Capital, Inc., Luminent Mortgage Trust 2006-2, HSBC National Association (“HSBC”), and RBS Financial Products, Inc. (“RBS”). The operative complaint is now the Fourth Amended Complaint (“FAC”), filed on October 13, 2009.

I. The Parties

Plaintiff Gregory Jordan was an individual residing in Discovery Bay, California who on or about December 30, 2005 refinanced his home loan with a payment-option adjustable rate mortgage (“Option ARM”) from Paul Financial. FAC, ¶ 2. Plaintiffs Eli Goldhaber and Josephina Goldhaber at all times relevant to this complaint were individuals residing in Valencia, California. Mr. and Mrs.…

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