MidCap Funding XVIII Trust v. CSC Logic, Inc.

CourtDistrict Court, C.D. California
DecidedMarch 12, 2021
Docket2:20-cv-09648
StatusUnknown

This text of MidCap Funding XVIII Trust v. CSC Logic, Inc. (MidCap Funding XVIII Trust v. CSC Logic, Inc.) is published on Counsel Stack Legal Research, covering District Court, C.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
MidCap Funding XVIII Trust v. CSC Logic, Inc., (C.D. Cal. 2021).

Opinion

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA CIVIL MINUTES — GENERAL ‘Oo’ JS-6 Case No. 2:20-cv-09648-CAS-RAOx Date March 12, 2021 Title MIDCAP FUNDING XVUI TRUST V. CSC LOGIC, INC.

Present: The Honorable CHRISTINA A. SNYDER Catherine Jeang Not Present N/A Deputy Clerk Court Reporter / Recorder Tape No. Attorneys Present for Plaintiffs: Attorneys Present for Defendants: Not Present Not Present Proceedings: (IN CHAMBERS) - DEFENDANT’S NOTICE OF MOTION AND MOTION TO DISMISS (Dkt. [14], filed January 29, 2021 ) I. INTRODUCTION The Court finds this motion appropriate for decision without oral argument. Fed. R. Civ. P. 78; C.D. Cal. L.R. 7-15. Accordingly, the hearing date of March 15, 2021 is vacated and the matter is hereby taken under submission. On October 21, 2020, plaintiff MidCap Funding XVIII Trust, as Assignee in Interest to GemCap Lending I, LLC filed this action against defendant CSC Logic, Inc. Dkt. 1. The complaint asserts ten claims against defendant for: (1)-(3) breach of contract; (4) breach of the implied covenant of good faith and fair dealing; (5) gross negligence; (6) fraud; (7) aiding and abetting fraud; (8) tortious interference with contract; (9) tortious interference with prospective business advantage; and (10) declaratory relief. Id. Plaintiff is the Assignee of Interest of GemCap Lending I, LLC (“GemCap’”), which entered into an Amended and Restated Loan and Security Agreement with Encore Park Fund 1, LLC (“EPF-1”) on January 10, 2019. Id. 413. Plaintiff alleges that EPF-1, which 1s not a party to this action, contracted with defendant to outsource the cataloging of EPF-1’s assets in connection with the loan agreement. Id. § 17. In addition, defendant and GemCap allegedly entered into separate written Servicers Consent Agreements, which governed use and access to the data that defendant Logic prepared in connection with the loan. Id. 4 19- 20. The gravamen of plaintiff's complaint is that a defect in defendant’s software inflated the assets that EPF-1 presented as collateral, which caused GemCap to “overadvance” uncollateralized funds to EPF-1, and which EPF-1 is now unable to repay. See Id. □ 22- 27.

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA CIVIL MINUTES — GENERAL ‘Oo’ JS-6 Case No. 2:20-cv-09648-CAS-RAOx Date March 12, 2021 Title MIDCAP FUNDING XVUI TRUST V. CSC LOGIC, INC.

On January 29, 2021, Defendant filed the instant motion to dismiss. Dkt. 14 (“Mot.”). On February 22, 2021, plaintiff filed an opposition. Dkt. 18 (“Opp.”). Defendant filed a reply on March 1, 2021. Dkt. 20 (“Reply”). Having carefully considered the parties’ arguments, the Court finds and concludes as follows. I. BACKGROUND a. The Parties Plaintiff MidCap Funding XVIII Trust is a Delaware Statutory Trust, with its principal place of business in Dublin, Ireland. Compl. 1. Plaintiff alleges that on August 28, 2020, it took assignment of all mghts and remedies relating an asset-based commercial loan agreement between GemCap, plaintiff's predecessor in interest, and EPF-1. Id. □□□ 1, 9. GemCap is an asset based commercial lender that “typically funds loan advances on a revolving basis subject to a formula based on a percentage of value of available loan collateral. Id. 10, 12. Defendant CSC Logic, Inc. is an information technology outsourcing services company. Id. □ 2. Defendant is a Texas corporation with headquarters in Tysons, Virginia and Plano, Texas. Dkt. 14-1, Declaration of Sue Starling (“Starling Decl.”) 4] 1-2; Compl. Plaintiff alleges that defendant has “customers in the State of California,” Compl. □ 2, and asserts that defendant has been registered to conduct business in California with the California Secretary of State since January 25, 2012. See Opp’n at 3, 7: Dkt. 19, Declaration of William A. Adams (Adams Decl.) 2. Nevertheless, plaintiff has no offices, employees, or other facilities in California and “[n]one of the loans CSC Logic services for [EPF-1] originated in California.” Starling Decl. 3, 8. b. GemCap’s Loan to EPF-1 Plaintiff alleges that EPF-1 initially entered into an asset-based commercial loan agreement with The Park National Bank (“Park”), which assigned its loan to GemCap on or about January 9, 2019. Compl. 13. GemCap and EPF-1 subsequently executed a January 10, 2019 Amended and Restated Loan and Security Agreement (the “Loan Agreement’), under which GemCap agreed to provide EPF-1 with an asset-based revolving loan facility in an amount up to $10 million. Id. § 13, Exh. 1. Defendant is not a party to

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA CIVIL MINUTES — GENERAL ‘Oo’ JS-6 Case No. 2:20-cv-09648-CAS-RAOx Date March 12, 2021 Title MIDCAP FUNDING XVUI TRUST V. CSC LOGIC, INC.

the Loan Agreement. Id. Plaintiff alleges that GemCap and EPF-1 executed the Loan Agreement in Malibu, California, and that plaintiff took assignment of GemCap’s interest in the Loan Agreement on August 28, 2020. Id. 4 1. Plaintiff alleges that GemCap typically funds loan advances on revolving asset- based facilities “subject to a formula based on a percentage of value of available loan collateral.” Id. { 12. To assess the borrower’s available loan collateral, GemCap relies on “borrowing base certificates” submitted by the borrower, which delineate the borrower’s available inventory, accounts receivable, and other assets, thereby “establishing that the borrower is entitled to receive funding in the requested amount.” Id. Plaintiff alleges that when an inaccurate borrowing base certificate is submitted, “GemCap runs the risk of advancing funds that a borrower is not entitled to receive, creating an overadvance” and that EPF-1’s loan agreement required immediate repayment of any such overadvance. Id. q 16. Plaintiff alleges that EPF-1 and defendant entered into a written Processing Agreement that called for defendant to service and track data related to EPF-1’s retail installment loans, including EPF-1’s Loan Agreement with GemCap. Id. § 17. EPF-1 allegedly relied on defendant’s data tracking services, as rendered through defendant’s SHAWS software program, to prepare the borrowing base certificates that EPF-1 submitted to GemCap to request and secure loan advances. Id. § 17. Plaintiff alleges that in approximately February 2019, defendant modified its SHAWS program in a manner that defendant “knew |...] resulted in inaccurate reporting to EPF-1 as to the status and availability of secure loan collateral for the GemCap loan,” but defendant did not inform GemCap or EPF-1 of the changes. Id. § 22. All of the borrowing base certificates that EPF-1 submitted to GemCap after February 2019, were allegedly “false and materially misleading” as a result of the inaccuracies in the SHAWS program. Id. Plaintiff alleges that, as a direct consequence of the inaccurate borrowing base certificates, GemCap advanced millions of dollars to EPF-1 that were uncollateralized, and that EPF-1 was unable to repay, which placed GemCap in “overadvance” on a secured loan with plaintiff. Id. 23, 25, 27. Plaintiff subsequently elected to foreclose on its own secured loan to GemCap. Id. 27.

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA CIVIL MINUTES — GENERAL ‘Oo’ JS-6 Case No. 2:20-cv-09648-CAS-RAOx Date March 12, 2021 Title MIDCAP FUNDING XVUI TRUST V. CSC LOGIC, INC.

c. Defendant’s Agreements with GemCap and Park In addition to its Processing Agreement with EPF-1, defendant allegedly entered into three contracts with GemCap and its predecessor, Park: (1) a November 14, 2014 “Servicer’s Consent Agreement” between defendant and GemCap; (2) a September 22, 2016 “Custodian Agreement” between defendant, Park, and EPF-1; and (3) a September 22, 2016 “Servicer’s Consent Agreement” between defendant and Park.’ Id. at Exh. 3-5.

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MidCap Funding XVIII Trust v. CSC Logic, Inc., Counsel Stack Legal Research, https://law.counselstack.com/opinion/midcap-funding-xviii-trust-v-csc-logic-inc-cacd-2021.