Mamot Feed Lot and Trucking v. Hobson
United States Court of Appeals for the Eighth Circuit
539 F.3d 898 (2008)
- Written by Robert Cane, JD
Facts
Scott Hobson (defendant) was the president of Exchange Bank of Gibbon (Exchange Bank), a federally insured, state-chartered bank. Hobson committed fraud against Exchange Bank, misappropriating bank assets, misstating figures related to loans, and diverting loan payments. Eventually, Hobson was indicted for fraud. Customers of Exchange Bank and parties who had been sued by Exchange Bank (the customers and parties) (plaintiffs) brought an action in the district court against Exchange Bank, Hobson, and various bank officials, alleging violations of federal usury law. The customers and parties argued that Exchange Bank had benefitted from Hobson’s fraudulent conduct, so the bank had been compensated in excess of the statutory limit on interest rates. The district court rejected this argument and dismissed the complaint. The customers and parties appealed.
Rule of Law
Issue
Holding and Reasoning (Hansen, J.)
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