Flores through attorney Juan T. Lizama has accused the banks of breach of contract, unjust enrichment, negligence or gross negligence, breach of fiduciary duty and fraud.
Flores is also asking for a jury trial.
Variety tried but failed to get comments from the defendants.
Flores said he purchased and was issued a time certificate of deposit in the amount of $200,000 on Sept. 10, 1993, and it was supposed to mature on Oct. 12, 1993, earning an interest of 2.5 percent with annual percentage yield of 2.5 percent payable “at maturity.”
The Saipan branch of Union Bank issued the certificate, Flores said.
Flores said Union Bank did not issue any other proof in writing that he purchased for the transaction, except for the issued time certificate of deposit.
“[Flores] understood that the [certificate of deposit] would continue to be renewed by defendant Union Bank automatically and he planned to allow it to be renewed as a long-term investment.”
On Nov. 15, 2001, Flores said he learned that Union Bank sold all assets and liabilities of its Saipan branch to First Hawaiian Bank, and “defendants were heavily involved in the shredding of bank accounts.”
Flores said he was not contacted by Union Bank, and was not informed regarding the status of his $200,000 time deposit.
In 2008, Flores said he made formal demand for payment three times.
On Sept. 22, 2008, Flores said Union Bank responded, saying “it had no information to offer the plaintiff ‘because the [certificate of deposit] closed over 10 years ago.”
On Aug. 25, 2009, First Hawaiian Bank responded to Flores’ inquiries, saying “it had not purchased the [certificate of deposit] from defendant Union Bank.” The same response was made by First Hawaiian Bank to a July 25, 2011 inquiry.
