We’ll post the complaint, filed in state court, once we get it (if we get it).
Meanwhile, here’s the news coverage.
One thought on “Godfrey & Kahn Sued by Investors over Lac du Flambeau Bond Deal Done In by Immunity”
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Turtle Talk 
Wells Fargo’s own attorneys and the Executives in their organization that handled all Tribally related financing knew that these types of financial agreements should be run by the NIGC to make sure that they did not run afoul of the IGRA provisions. I personally had conversations with Wells Fargo Executives and Lawyers as did other attorneys who cautioned them about certain “recourse” language in these contracts. Wells Fargo created their own problem here by not “playing by the rules” and agreeing that the only recourse for them was the casino revenue flow and nothing else. But they stubbornly believed that they could skirt the rules and took a calculated risk. Their own lawyers knew the risk that the IGRA language had an inherant risk that any recourse beyond revenue flow would be “void ab initio” but they chose to risk it. This case also shows the dangers of Tribal Attorneys giving enforceablity opinions as “bond counsel” while at the same time representing the tribe. If you give them, make sure their is full disclosure and waivers of conflict of interest and solid advice as to whether any recourse language morphs the loan agreement into a Management Contract which requires NIGC approval.