American Chartered Bank v. Cameron. 2014 IL App (1st) 132231-U, an unpublished First District case, glaringly illustrates the difficulty of defeating a lender’s breach of guaranty claim when the defenses are based on the lender’s oral promises. The case also sheds light on the nature of the borrower-lender relationship and the contours of the unclean hands …
Tag Archives: non-reliance
Integration Clause Bars Trader’s Commission Claims Against Financial Firm
Integration clauses – also called “merger” clauses – are staples of commercial contracts in diffuse business settings. The Northern District of Illinois recently found that an integration clause in a compensation agreement defeated a futures trader’s claims for unpaid commissions in Colagrossi v. UBS Securities, LLC, 2014 WL 2515131 (N.D.Ill. 2014). The plaintiff alleged that in 2005, he …
Continue reading “Integration Clause Bars Trader’s Commission Claims Against Financial Firm”
Franchisor’s Financial Projections Don’t Equal Fraud – Ill. Law
In many fraud cases, defendants reflexively assert some variant of the “forward looking” or “promissory” fraud defense: that the misstatement relates to a future event and is therefore a non-actionable statement of opinion. Illinois fraud rules require a misrepresentation to be material and present-tense factual to be actionable. Statements of future intent – like a forecast or projection (“this company is gonna make …
Continue reading “Franchisor’s Financial Projections Don’t Equal Fraud – Ill. Law”