SHREVEPORT — Louisiana property owners are suing an Alabama bank, alleging it breached its contractual obligations to the plaintiffs.
Elizabeth Fry Franklin, Small Fry LLC , Cynthia Fry Peironnet and Cynthia F. Peironnet Family LLC filed a lawsuit Aug. 5 in U.S. District Court for the Western District of Louisiana Shreveport Division against Regions Bank alleging, breach of contract.
According to the complaint, on June 21, 2004, the plaintiffs executed a contract with Regions Bank for it to manage and supervise all oil, gas, royalty and mineral interests in their property. Less the fees deducted by the defendant, the suit says, the plaintiffs each received $4,772,804.17 for the Large Petrohawk lease but they did not receive the Small Petrohawk lease in the amount of $1,231,931.29.
The plaintiffs allege Regions Bank failed to place any limitation on the extension to the intended undeveloped acreage and failed to receive payment attributable to the Small Petrohawk lease.
The plaintiffs seek a trial by jury, judgment for all amounts proven to be attributable to defendant's improper actions, plus costs, attorney fees and all just and equitable relief. They are represented by attorneys Allison A. Jones and Michael A. Marino of Downer, Jones, Marino & Wilhite LLC in Shreveport.
U.S. District Court for the Western District of Louisiana Shreveport Division Case number 5:16-cv-01152