Lindquist & Vennum’s Securities and Financial Litigation Group has won a significant jury verdict for its client United Credit Recovery, LLC (UCR) in a case tried in Hennepin County District Court in the State of Minnesota. Lindquist trial attorneys Terry Fleming and Chris Grgurich defended UCR in the 8-day trial, with a jury rendering a complete verdict in favor of UCR and finding zero liability to all claims made by Portfolio Management Group Two, LLC (PMG II) in connection with a commercial sale of charged-off accounts between the companies. PMG II had sued UCR for $2 million, alleging, among other things, that UCR had defrauded PMG II by selling it charged-off accounts UCR had previously purchased from a bank that were of lesser quality than what UCR represented to PMG II.
Peter Rosengarten, UCR’s Director of External Audits, remarks, “This is a significant victory for UCR. We are appreciative of the jury’s work in finding the claims against our firm false in their entirety and thankful to Terry and Chris for their approach, industry knowledge, and litigation endurance. They kept us informed of every development—allowing us to remain focused on our business.”
The jury rendered its verdict on April 25, 2012, at the conclusion the trial before the Honorable Mel I. Dickstein, Judge for the Hennepin County District Court State of Minnesota. The court entered judgment on June 11, 2012.
About Lindquist & Vennum LLP
Lindquist & Vennum’s nearly 200 attorneys provide a full array of business, finance, transactional and litigation services from offices in Minneapolis, Denver and Sioux Falls. The firm serves business, governmental and individual clients across the Midwest and the nation. For more information, visit www.lindquist.com.
About United Credit Recovery, LLC
United Credit Recovery is a direct purchaser of distressed assets and charged-off receivables. Their clients include banking institutions, credit unions, industrial banks, credit card issuers, telecom, municipalities, and merchants. Managed by a team with more than 20 years of experience in distressed asset purchasing, United Credit Recovery has purchased charged-off receivables and assets in excess of $10 billion from Top 10 banking institutions such as US Bank, HSBC, Chase, Citigroup, Discover, Bank of America, as well as other national and regional banks.