The 7th Circuit Court of Appeals will hold oral arguments in a closely-watched Indian gaming debt case on October 20.
The Lac du Flambeau Band of Lake Superior Chippewa Indians of Wisconsin defaulted on a $50 million bond. A federal judge ruled that the lending agreement was invalid because it was not approved by the National Indian Gaming Commission. Wells Fargo Bank lent the money to the tribe on behalf of the bondholders. The bank says the agreement does not meet the definition of gaming management agreement under the Indian Gaming Regulatory Act. Turtle Talk has posted briefs from the case, Wells Fargo v. Lake of the Torches. Get the Story: