Wells Fargo $46M Loan Contract Invalid: Judge

Law360, New York (January 12, 2010, 6:30 PM EST) -- A federal judge has invalidated a $46.6 million loan agreement between Wells Fargo Bank NA and an economic development corporation chartered by a Wisconsin Indian tribe following his determination that the contract had not received the required approval from the National Indian Gaming Commission.

Judge Rudolph T. Randa of the U.S. District Court for the Western District of Wisconsin dismissed Wells Fargo's breach of contract suit on Monday, ruling that the parties' trust indenture meant to provide funds for the Lake of Torches Economic Development Corp.'s...
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