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Vedder Price is pleased to announce that it secured a complete appellate victory on behalf of Associated Bank, N.A., when the United States Court of Appeals for the Eighth Circuit affirmed the district court’s dismissal of all claims asserted by PACK Private Capital, LLC in a commercial lending dispute arising out of complex loan and subordination arrangements.

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In a unanimous published opinion authored by Judge Jonathan A. Kobes, the Eighth Circuit held that PACK’s claims—premised on alleged oral promises and equitable estoppel theories—were barred by Minnesota’s credit agreement statute of frauds, Minn. Stat. § 513.33. The panel rejected PACK’s arguments that equitable estoppel theories could override the statute, holding that the “same logic” used to deny promissory estoppel also applies.

“This decision reinforces the strong protections that the Minnesota Legislature built into the credit agreement statute of frauds and reaffirms that commercial borrowers and guarantors cannot circumvent those requirements through after-the-fact estoppel theories,” said Vedder Price partner, <a href="/people/michael-m-eidelman/">Michael Eidelman</a>, lead counsel for Associated Bank. “We are proud to have enforced Associated’s contractual rights successfully through both the trial court and appeal.” The litigation team handling this matter for Vedder Price included <a href="/people/david-l-kane/">David Kane</a>, <a href="/people/michelle-l-landry/">Michelle Landry</a> and <a href="/people/tamara-droubi/">Tamara Droubi</a>.

Chicago

Michael M. Eidelman

Vedder Price Secures Complete Appellate Victory on Behalf of Associated Bank, N.A.

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