News Releases

Lindquist & Vennum Secures more than $16.6 Million for American Bank in Appellate Court

04.26.13

In a decision issued on April 26, 2013, the Eighth Circuit Court of Appeals has affirmed the jury verdict in all respects for American Bank in a trial that had previously gained national media exposure. In December of 2011, Lindquist & Vennum won a jury verdict for American Bank following a three-week long trial which found TD Bank liable for aiding and abetting and conspiracy to commit loan fraud perpetrated by disgraced Orlando businessman and boy-band promoter Louis J. Pearlman.

The original suit was brought by the firm on behalf of American Bank of St. Paul and 25 other banks that had made a $28.5 million loan to Pearlman in March 2006. In December of 2011, the jury awarded American Bank and the other participant banks nearly $13.6 million, to which over $3 million in pre-judgment interest was added by the court. In today’s decision, the Court affirmed the jury verdict in all respects.

"We couldn’t be more pleased with this result for our client and the other banks involved," said Eric Nystrom, lead counsel for Lindquist & Vennum. "This decision clearly establishes that no special rules apply to banks when they learn of and actively assist a customer’s fraudulent activities."

The Lindquist & Vennum trial team, led by Nystrom, also included John Ekman, Bill Wassweiler and Daniel Sacco.

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