Joe Nilan and Jake Merkel Win Eighth Circuit Appeal

Joe Nilan and Jake Merkel recently prevailed in an appeal to the Eighth Circuit regarding a letter of credit issued to our client.  The Eighth Circuit’s opinion reverses the trial court’s decision that 12 U.S.C. § 1787(c) allowed the National Credit Union Administration Board to repudiate the irrevocable letter of credit with no liability after being appointed conservator of the credit union that issued it.  The Court therefore reinstated our client’s complaint for damages and remanded the case back to the trial court to allow us to continue pursuit of the claim.