Anthony Ostlund resolves $8 million case in favor of clients
Client Issue
A bank commenced an action against Anthony Ostlund’s clients, who were three individuals-owners of an equipment leasing company. The bank alleged that the owners were in breach of personal guarantees. The clients’ potential liability was in excess of $8,000,000.
Anthony Ostlund Approach
Anthony Ostlund prepared a solid defense that was grounded in our in-depth knowledge of banking laws, regulations, policies and practices. Being intimately familiar with bank loan practices, required bank documentation and loan files and bank officer responsibilities, Anthony Ostlund was able to expose the evidence necessary to successfully defend its three indivdual clients. We also teamed together with a strong, highly experienced banking expert to challenge the bank’s claims. Anthony Ostlund took numerous actions throughout the case to educate the arbitration panel so that the panel was well-versed in our clients’ defenses well in advance of the hearing itself. Our exceptional level of preparedness led to our eventual success in arbitration on the merits.
Result Achieved
After just three long days of testimony, including the testimony and cross-examination of three expert witnesses, the experienced arbitration panel consisting of Lew Remele, former South Dakota Supreme Court Justice Robert Miller, and Texas lawyer Melinda Jayson, dismissed all of the bank’s claims, totaling in excess of $8,000,000 against our clients.
Client Testimonial
“Anthony Ostlund, Richard Ostlund and Janel Dressen did an outstanding job for our company in a recent $8,000,000 litigation case, in which a 3-arbitrator panel gave us a unanimous judgment in our favor. Their attention to detail and their preparedness was exceptional. They brought in the best experts and had a command and knowledge of all aspects of our case that was obvious to the panel. But most of all, they took a personal level of interest in our case that really came through as arbitration played out.” –Bill Kelly, Client
Alerus Financial, National Association, as successor to Prosperan Bank v. First Premier Capital LLC n/k/a Commend Capital LLC, William P. Kelly, T. Denny Sanford, and Stephen V. Alpeter
