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January 8, 2009Press Release

U.S. District Court Dismisses Case Against Lake of the Torches Economic Development Corporation

The United States District Court Western District of Wisconsin dismissed Wed., Jan. 6, 2010, the suit brought forth by Wells Fargo Bank, N.A., against the Lake of the Torches Economic Development Corporation (EDC) regarding the trust indenture entered on January 18, 2008.

U.S. District Court judge Honorable Rudolph T. Randa rendered the case null and void. Upon consideration of the briefs, affidavits, declarations and exhibits submitted in this matter, the Court found that the Trust Indenture was a management contract that was executed without prior approval from the National Indian Gaming Commission. Monica M. Riederer, Esq. of Michael Best and Friedrich LLP, Milwaukee, Wis., served as lead attorney for the Lake of the Torches EDC.

“We agree with the findings of the court & are committed to fulfilling all legal responsibilities,” said William Beson, tribal administrator. “The ruling will allow us to continue to provide essential services to the tribe’s members, such as assistance for the elderly, educational, healthcare municipal services among others.”

About the Case:

For more information on the case, see 25 U.S.C. 711 (a)(1). To view legal documents, visit: http://www.dwpinc.com/ldf/ldf.html.

About Lake of the Torches EDC:

The Lake of the Torches EDC is a corporate entity chartered by the Lac du Flambeau band of Lake Superior Chippewa Indians. There are currently 3, 415 members in the Lac du Flambeau tribe, which is governed by a 12-member council. Officially established by treaties in 1837 and 1842, the Lac du Flambeau reservation is located in Vilas County, Wis., and totals 86,600 acres.

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