The Court dismissed claims against banks which had provided financing to lot purchasers under the Interstate Land Sales Full Disclosure Act. The Court held that there was no showing that the banks were "developers or developer’s agents" as defined by the Act, and furthermore no allegations that the banks’ involvement in the development had gone "beyond standard industry practices with respect to real estate transactions" so as to make them liable under the Act.

The Court also dismissed claims against the banks for negligence and negligent misrepresentation, holding that no facts supported those claims and that "’conclusions of law or unwarranted deductions of fact’ are not treated as true for purposes of a motion to dismiss."

Also dismissed were fraud claims against the Bank, which the Court ruled to be "insufficient to meet the factual particularity required under Rule 9(b)."

Full Opinion