7th Circ. Lets Bank Seek Indemnity In Contract Fight
By Celeste Bott (January 6, 2021, 5:55 PM EST) -- The Seventh Circuit held Tuesday that even if Sterling National Bank waited too long to seek indemnity from the sellers of a payroll financing company for allegedly overcharging bank clients $1 million, those sellers weren't prejudiced by the delay.
Reversing a summary judgment ruling against the bank, the three-judge panel said the agreement between the bank and those who sold it payroll financing company Damian Services Corp. provides that any delay could be held against Sterling only "to the extent that [Sellers] irrevocably forfeit rights or defenses by reason of such failure." That hasn't happened here, the panel said.
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