Loral Terracom v. Valley National Bank, a Federally Chartered Bank Citizens Bank Trust Co., a Kentucky Corporation and State Chartered Bank

Loral Terracom (“Loral”) appeals the district court’s order granting Citizens Bank and Trust Company’s (“Citizens”) and Valley National Bank’s (“Valley”) joint Fed.R.Civ.P. 12(b)(6) motion to dismiss for failure to state a claim upon which relief can be granted. Loral alleges that Citizens and Valley (“the Banks”) negligently failed or unreasonably performed investigations of the financial strengths of applicant sureties for bonds submitted in accordance with the Miller Act, 40 U.S.C. § 270a, before executing Certificates of Sufficiency (“Certificates”) in accordance with 48 C.F.R. § 28.200 , et seq. Loral contends that as a result, financially unfit individuals qualified as sureties on Miller Act payment bonds to Loral’s detriment.

Loral also appeals the district court’s order granting Citizens’ Fed.R.Civ.P. 12(b)(2) motion to dismiss for lack of personal juris diction. Having jurisdiction under 28 U.S.C. § 1291 , we affirm both dismissals.

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Loral was a subcontractor to West Coast Construction (“West Coast”). West Coast had a contract for the construction of communications/eleetronics improvement at Camp Pendleton Marine Corps Base, California (“Project”) with the United…