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Ottilio v. Valley National Bancorp

United States District Court, D. New Jersey

March 6, 2014

Anthony
v.
OTTILIO and OTTILIO PROPERTIES LLC Plaintiffs,
v.
VALLEY NATIONAL BANCORP, VALLEY NATIONAL BANK, Michael GHABRIAL, John CINA, Andrew B. ABRAMSON, Robert C. SOLDOVERI, Hans KRETCHMAN, Alfred SORRENTINO, Jr. and GENOVA BURNS GIANTOMASI WBESTER, LLC Defendants.

OPINION

ANNE E. THOMPSON, District Judge.

I. INTRODUCTION

This matter is before the Court upon four pending motions: (1) Defendant Genova Burns Giantomasi Webster, LLC's motion to dismiss, (Docket No. 8); (2) Defendants Valley National Bancorp, Valley National Bank, John Cina, Andrew B. Abramson, Robert C. Soldoveri, and Alfred Sorrentino, Jr.'s motion to dismiss, (Docket No. 19); (3) Defendants Valley National Bancorp, Valley National Bank, John Cina, Andrew B. Abramson, Robert C. Soldoveri, and Alfred Sorrentino, Jr.'s motion for sanctions; and (4) Defendant Genova Burns Giantomasi Webster, LLC's motion for sanctions. The Court has decided the matter upon consideration of the parties' written submissions and oral arguments. For the reasons set forth below, the Court grants Defendants' motions to dismiss and denies Defendants' motions for sanctions.

II. BACKGROUND

Plaintiffs allege that over the course of ten years, the Defendants conspired and entered into a fraudulent enterprise to acquire valuable properties held by Anthony V. Ottilio and Ottilio Properties, LLC. (Docket No. 1 at 1). Plaintiffs claim Defendants breached their fiduciary duties, failed to disclose conflicts of interest, and solicited bribes from their real estate investors in exchange for insider access and information. ( Id. ). Plaintiffs' complaint alleges 11 claims for relief:

1. RICO Section 1962(c);
2. RICO Section 1962(d);
3. N.J. RICO, N.J.S.A. 2C:41-1;
4. N.J. RICO Conspiracy, N.J.S.A. 2C:41-1;
5. Common Law Fraud
6. Consumer Fraud;
7. Personal Liability for Fraud against the Individual Defendants;
8. Tortious Interference with Prospective Business ...

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