Wells Fargo v LAKE OF THE TORCHES ECONOMIC DEVELOPMENT CORPORATION

Court Documents Case No. 09-CV-768 Final Decision issued U.S. Western District Court Judge Rudolph T. Randa dismissed the bank’s lawsuit, which was filed against the Lake of the Torches Economic Development Corporation (EDC). Randa found that the trust indenture dated Jan. 1, 2008 was a management contract that was executed without the prior OK of the National Indian Gaming Commission, which rendered the agreement “null and void.” At issue are $50 million in bonds purchased in 2008 by Saybrook Capital of California, which sought to force the tribe into receivership after it defaulted on the bonds.

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