M. Edward Defazio, Plaintiff-Appellant v. Haven Savings and Loan Association, a Corporation of the State of New…

Summary

The Supreme Court of New Jersey affirmed the lower court's judgment that it lacked subject‑matter jurisdiction over the plaintiff's common‑law action because the Savings and Loan Act provides an exclusive administrative remedy and supersedes the common law. The Court held that the statute's comprehensive scheme and the plain meaning of "information" give the Commissioner exclusive authority, leaving no jurisdiction for the trial court. A dissent argued that the statutory scheme requires exhaustion of the administrative remedy and that the case should be remanded for judicial review. The majority opinion therefore stands as the controlling holding.