Harris N.A. v. Hershey

Federal 7th Circuit Court
Civil Court
Citation
Case Number: 
No. 11-1550
Decision Date: 
March 29, 2013
Federal District: 
N.D. Ill., E. Div.
Holding: 
Affirmed
Dist. Ct. did not err in granting plaintiff’s motion for summary judgment in action alleging that defendant breached his agreement to guarantee plaintiff’s $15.5 million loan to limited liability company of which defendant was managing member. Ct. rejected defendant’s claim that plaintiff fraudulently induced him into signing agreement by promising to assist limited liability company with sale of company’s investments, where defendant produced no writing containing alleged promises as required by Ill. Credit Agreement Act. Ct. also found that Rule 38 sanctions were appropriate for defendant having filed frivolous appeal where defendant conceded that limited liability company was in default on loan, and where defendant failed to present coherent argument that would provide even colorable basis for reversing Dist. Ct. judgment or come to grips with applicable law and facts.