Publications

Publications

Events

Cybersecurity Compliance Handbook for Insurers & Brokers
When: May 1, 2025
People: Anjali C. Das
Cybersecurity Compliance Handbook for Financial Institutions & Credit Unions
When: December 6, 2024
People: Anjali C. Das, Dominik Cvitanovic, Ian A. Stewart and Thomas W. Wilson, Jr.
The Current State of the Crypto Industry
When: June 19, 2023
People: Anjali C. Das
Law360 Launches Series of Das Articles on Cryptocurrency
When: January 27, 2023
People: Anjali C. Das
Insurers Beware of “Silent Crypto” Exposure
When: January 4, 2023
People: Anjali C. Das
Feds Issue Badly Needed Hemp and CBD Banking Guidance
When: December 6, 2019
People: Ian A. Stewart

Publications

Belzer Prevails in Breach of Contract Case after Grueling Three-Year Battle

Geoffrey Belzer (Partner-Chicago) obtained a defense verdict on behalf of a private client in a commercial matter in which a Chicago-area bank sought to recover $1.5 million on loan guarantees and more than $1.1 million in attorney fees spent in prosecuting claims of breach of contract, tortious interference, fraud and conspiracy. The defense verdict followed a three-day bench trial in the Cook County Circuit Court. In ruling for our client and an additional co-defendant, the judge relied on the evidence produced during trial, including the cross-examinations of the bank’s president and loan officer, to determine that the bank did not meet its burden to establish that it had disposed of the collateral for the loan (primarily a bridal design company with significant consumer and industry brand-name recognition) in a commercially reasonably manner. The evidence at trial demonstrated that the bank had received an appraisal in excess of $3.8 million for the business, did not demonstrate significant activity to attempt to sell the business, and ultimately sold it for $775,000 or less than 20 percent of its appraised value.

Geoffrey Belzer

Barrett Secures Summary Judgment For Bank Officers Defeating Fraud Allegation

Stephen Barrett (Of Counsel-New York) obtained summary judgment in the Southern District of New York on behalf of Wilson Elser’s clients, two officers of a large regional bank accused of fraud in connection with a loan transaction. The plaintiff is an investment firm specializing in subordinated and other high-risk debt offerings. Our clients extended a seven-figure loan to a consumer lending company. When the lending company sought additional capital, the bank made an introduction to the plaintiff’s firm because of its specialized offerings. The lending company ultimately failed and could not repay the loan from our clients’ bank and the subordinated loan from the plaintiff. The plaintiff then sued our clients, alleging they fraudulently induced the plaintiff to make the subordinated debt offering to the lending company.

After successfully narrowing the scope of the plaintiff’s claims via a pre-answer motion to dismiss, the parties engaged in extensive discovery related to the various loan instruments at issue. After obtaining the complete record, Stephen filed a lengthy, detailed motion for summary judgment. In a comprehensive 32-page opinion, the district court judge accepted our clients’ arguments in their entirety. The court held that the plaintiff failed to identify any potentially fraudulent statements and, in any event, could not have reasonably relied on any such statements considering the plaintiff’s affirmative obligation to conduct due diligence regarding its loan offering. The complaint was dismissed with prejudice, and the plaintiff declined to file an appeal.

Stephen J. Barrett