Fortress Systems, LLC v. Bank of the West
United States District Court for the District of Nebraska
2008 WL 64690 (2008)
Fortress Systems, LLC (Fortress) (plaintiff) sought equipment financing from Bank of the West (Bank) (defendant). The Bank told Fortress that if it adhered to the Bank’s requirements, then the loan would be approved. The loan terms were documented in a commitment letter, and the loan was set to close. However, the Bank subsequently learned that Fortress was in the midst of a shareholder litigation suit. The loan closing was stalled. However, the Bank indicated that if the lawsuit was settled, then the loan would close. The Bank continued to request financial information from Fortress, and Fortress entered into a proposed settlement agreement with the parties to the shareholder litigation suit. Fortress also entered into a building contract based on the belief that the loan would close, and Fortress invested its own money in the construction per the Bank’s requirements. The Bank then told Fortress that it would not fund the loan. Fortress sued the Bank for promissory estoppel, and the jury returned specific factual findings.
Rule of Law
Holding and Reasoning (Bataillion, J.)
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