Penn Square bank arranged financing for high-risk energy development projects, including Eagle Petroleum Company. Plaintiffs had invested in Eagle's financing, through Penn Square Bank. Defendant Continental Bank, a large commercial bank, had also participated in financing Eagle's operations. Eagle went bankrupt and Penn Square was taken over by the FDIC. Plaintiffs sued Continental, alleging that Continental had helped fabricate the misrepresentations that Eagle had made to them in violations of securities laws. Continental had not had contact with Plaintiffs before the suit.
Case and case summary are available at: http://www.mlmlegal.com/legal-cases/K&SPartnership_v_ContinentalBank.php.
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