First Bank v. Greenbaum, Rowe, Smith & Davis, LLP

New Jersey Superior Court Appellate Division·Decided August 3, 2026·No. A-2946-24·Unpublished

Opinion

NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION This opinion shall not "constitute precedent or be binding upon any court." Although it is posted on the internet, this opinion is binding only on the parties in the case and its use in other cases is limited . R. 1:36-3.

SUPERIOR COURT OF NEW JERSEY APPELLATE DIVISION DOCKET NO. A-2946-24

FIRST BANK,

Plaintiff-Appellant,

v.

GREENBAUM, ROWE, SMITH & DAVIS, LLP and CHARLES J. WILKES,

Defendants/Third-Party Plaintiffs-Respondents,

v.

MICHAEL F. ALBANESE, CPA d/b/a COST REDUCTION SOLUTIONS, and ABC CORP. 1 a/k/a COST REDUCTION SOLUTIONS,

Third-Party Defendants,

and

SCHILLER, PITTENGER & GALVIN, PC,

Third-Party Defendant-

Respondent.

Argued May 6, 2026 – Decided August 3, 2026

Before Judges Currier, Smith and Jablonski.

On appeal from the Superior Court of New Jersey, Law Division, Mercer County, Docket No. L-0128-21.

Paul J. Maselli argued the cause for appellant (Maselli, Mills & Fornal, PC, attorneys; Paul J. Maselli, of counsel and on the briefs; Liza Sherman, on the briefs).

Brian J. Molloy argued the cause for respondents Greenbaum, Rowe, Smith & Davis, LLP and Charles J. Wilkes (Wilentz, Goldman & Spitzer, attorneys; Brian J. Molloy and Samantha J. Stillo, of counsel and on the brief).

McElroy Deutsch Mulvaney & Carpenter LLP, attorneys for respondent Schiller, Pittenger & Galvin, PC, join in the brief of respondents Greenbaum, Rowe, Smith & Davis, LLP and Charles J. Wilkes.

PER CURIAM

In this legal malpractice case, we consider whether the trial court abused

its discretion in striking plaintiff's expert report, resulting in the dismissal of the

complaint. Because we conclude the expert report complied with N.J.R.E. 702

and defendants' arguments go towards the weight of the evidence regarding the

report and subsequent expert testimony rather than its admissibility and

conformance with evidential requirements, we reverse.

A-2946-24

I.

In April 2019, Carmine DeMaio, President and Principal of CTE-1 LLC,

applied for a $6 million loan from plaintiff. CTE-1 LLC operated a Lexus

franchise known as Lexus of Englewood (LOE). DeMaio represented he

intended to use the money to buy out his business partner's minority ownership

interest.

The collateral to secure the loan included (1) a lien on unencumbered

vehicles alleged to be worth $4.5 million; (2) a second mortgage on DeMaio's

personal residence; and (3) a second mortgage on a commercial property,

Volkswagen of Union dealership.1

The terms of the loan required CTE-1 to transfer the vehicle inventory to

AUA Englewood LLC upon which plaintiff would be given a security interest

in the vehicle inventory titled to AUA. Plaintiff also obtained personal

guarantees from DeMaio and another individual.

1 This dealership was owned by CTE-2 Land LLC, also operated by DeMaio.

A-2946-24

Plaintiff's Board of Directors approved the loan in early July 2019. Later

that month, plaintiff retained defendants Greenbaum, Rowe, Smith & Davis,

LLP to close the loan. 2 The closing took place on August 14, 2019.

In October 2019, Toyota Motor Credit Corporation, who had two existing

liens against CTE-1's inventory and assets, discovered that CTE-1 was "out of

trust" on their floor plan line, meaning DeMaio had sold vehicles without

advising Toyota and remitting payment. Toyota filed suit in federal court

against CTE-1 and CTE-1 subsequently filed for bankruptcy and defaulted on

plaintiff's loan.

During this litigation, plaintiff's representative David DeStefano testified

DeMaio had: (1) provided plaintiff with false financials concerning CTE-1 and

himself; (2) misrepresented the amount of encumbrance on the CTE-2 Land

commercial property; (3) provided falsified inventory reports post-closing

asserting he owned unencumbered cars with a value of $4.5 million; (4)

misappropriated use of plaintiff's loan proceeds outside of what was

contemplated by the parties; and (5) represented to plaintiff he could pledge

vehicles outside of the floor plan.

2 Defendant Charles J. Wilkes was an attorney at the Greenbaum firm and worked on this matter. We refer to the firm and counsel collectively as defendants.

A-2946-24

II.

In 2021, plaintiff filed a legal malpractice complaint against defendants,

alleging they failed to meet the standard of care in their representation of

plaintiff, which proximately resulted in plaintiff incurring damages. The

discovery end date was extended numerous times over the next two years.

Plaintiff served an expert report prepared by Martin J. Jennings, Esq.,

LLM. Jennings advised he was "retained to express [his] opinion regarding the

conduct of Wilkes and Greenbaum as it relates to their representation of First

Bank in the Loan transaction." The report detailed the circumstances regarding

the loan and its terms and plaintiff's collection efforts. Jennings set forth the

applicable standard of care, presented his opinions of defendants' breach of their

duty to plaintiff and addressed the proximate cause of defendants' actions to

plaintiff's damages.

Defendants deposed Jennings regarding his report, opinions and

conclusions. Thereafter, defendants moved to strike Jennings' report and bar his

testimony. During oral argument on the motion, defendants' counsel stated

"[t]his motion seeks to prevent an expert from testifying about an implied duty

of a closing attorney to prevent a fraud." Counsel continued, "[t]his is a motion

to bar Martin Jennings, plaintiff's liability expert, from testifying that . . .

A-2946-24

defendants had a duty to prevent a fraud by the principal and the principal and

the borrower, Carmine DeMaio." Counsel described the "alleged duty to prevent

a fraud" as "the centerpiece of Mr. Jennings' report" and opinion. Counsel

stated, "this [was] not a strict net opinion case" but "something much more." In

finishing his initial argument, defendants' counsel stated the court had to

determine "whether there is a duty, implied duty, to prevent a fraud." Counsel

reiterated at the end of arguments that "[t]he driving force of the Jennings report

is the implied duty to prevent a fraud." In sum, defendants urged the court to

strike the report because this court, in Grubbs v. Knoll, 376 N.J. Super. 420, 439

(App. Div. 2005), stated an attorney does not have an affirmative duty to detect

fraudulent conduct by a party in a loan transaction unless the attorney expressly

agrees to do so.

The court granted defendants' motion to strike the Jennings report in an

oral decision, stating:

This is a motion by defendants . . . to bar the expert report and expert testimony in trial of Mr. Jennings, who is the expert retained by plaintiff[] in this case. For the reasons that follow, the [c]ourt shall grant the motion and bar Mr. Jennings' testimony and his opinions expressed in his report.

The [c]ourt is mindful of the distinction between a motion for summary judgment, which the existence of any . . . genuine material facts, would preclude the

A-2946-24

granting of summary judgment, and . . . lead to the issue of whether any reasonable jury would find otherwise.

And again, . . . the [c]ourt will agree that . . . the argument . . . is basically heightened above a motion to bar . . . and it does deal with legal standards. And so there is sort of an overlap in terms of the motion record as written into the motion. But, this is not a summary judgment motion, and it's just a matter of whether or not Mr. Jennings' report is properly barred.

What is—what has been agreed to in the papers and from this oral argument is that . . . there's an agreement that there is no expressed duty of [defendants] to sort of ferret out the fraud. There's nothing in a retainer agreement that imposes that duty, and again, it's undisputed that it's not based on any expressed obligation.

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