News Releases

Lindquist & Vennum Secures $9 Million Verdict on Behalf of Kirkpatrick Bank

10.19.10

DENVER – October 19, 2010 – Lindquist & Vennum partners John A. Chanin and Patrick G. Compton have secured a $9 million judgment on behalf of Kirkpatrick Bank. In Star Ranch v. Kirkpatrick Bank, et al., Kirkpatrick Bank defended allegations of lost profits by a developer in excess of $6 million stemming from a failed residential real estate development. Following multiple lawsuits filed by the developer in different venues, Kirkpatrick Bank successfully consolidated the actions and brought counterclaims against the developer for breach of contract and judicial foreclosure. During the six-day trial in El Paso County District Court, Colorado, Chanin and Compton defeated numerous lender liability and bad faith claims resulting in judgment against the developer on all claims. 

Chanin, lead trial counsel representing Kirkpatrick Bank, noted “This is a significant victory for the banking industry. Once the development was discovered to be over-budget and behind in sales, the borrower attempted to avoid its obligations by alleging multiple acts of bad faith by the bank. The Court rejected this “blame the bank” approach and ordered repayment of the loan with interest. Even in a difficult real estate economy, contracts between lenders and borrowers still matter.”

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