RITCHIE CAPITAL MANAGEMENT v. JP MORGAN CHASE

No. 18-1130.

960 F.3d 1037 (2020)

RITCHIE CAPITAL MANAGEMENT, L.L.C.; Ritchie Special Credit Investments, Ltd.; Rhone Holdings II, Ltd.; Yorkville Investment I, L.L.C.; Ritchie Capital Management, SEZC, Ltd., Plaintiffs-Appellants v. JP MORGAN CHASE & CO.; JP Morgan Chase Bank, N.A., Defendants-Appellees J.P. Morgan Private Bank, Defendant Wells Fargo & Co., as successor by merger to Wachovia Capital Finance (Central); Wells Fargo Bank N.A.; Wachovia Capital Finance Corporation (Central); UBS Loan Finance, L.L.C.; UBS AG; UBS AG Stamford Branch; Merrill Lynch Business Financial Services, Inc.; Lasalle Business Credit, L.L.C.; Bank of America Business Capital; Bank of America Corporation; The CIT Group Inc.; The CIT Group/Business Credit, Inc.; PNC Bank, N.A.; Fifth Third Bank; Webster Business Credit Corporation; Associated Commercial Finance, Inc.; Chase Lincoln First Commercial Corporation; Richter Consulting, Inc.; J.P. Morgan Europe Ltd., Defendants-Appellees Douglas A. Kelley, Trustee of the PCI Liquidating Trust; Randall L. Seaver, Trustee of Petters Capital, LLC; John R. Stoebner, Trustee of Polaroid Corp, et al., Intervenors Below-Appellees.

United States Court of Appeals, Eighth Circuit.

Filed: June 3, 2020.


Attorney(s) appearing for the Case

James W. Halter , RASCO & KLOCK, New York, NY, Kelly A. Lelo , Patrick Henry O'Neill, Jr. , LARSON & KING, Saint Paul, MN, Jeffrey L. Liddle , LIDDLE & ROBINSON, New York, NY, for Plaintiffs-Appellants.

Kevin Martin Decker , John R. McDonald , TAFT & STETTINIUS, Minneapolis, MN, Isaac Rethy , Thomas Charles Rice , Alan C. Turner , David Woll , SIMPSON & THACHER, New York, NY, Christopher K. Shields , SULLIVAN & WORCESTER, New York, NY, for Defendants-Appellees JP Morgan Chase & Co., JP Morgan Chase Bank, N.A., Chase Lincoln First Commercial Corporation, and J.P. Morgan Europe Ltd.

Kevin Martin Decker , John R. McDonald , TAFT & STETTINIUS, Minneapolis, MN, Isaac Rethy , Thomas Charles Rice , David Woll , SIMPSON & THACHER, New York, NY, Christopher K. Shields , SULLIVAN & WORCESTER, New York, NY, for Defendant J.P. Morgan Private Bank.

David H. Fry , MUNGER & TOLLES, San Francisco, CA, Elaine Janet Goldenberg , MUNGER & TOLLES, Washington, DC, Daniel Millea , ZELLE LLP, Minneapolis, MN, Roshan N. Rajkumar , BOWMAN & BROOKE, Minneapolis, MN, Bradley R. Schneider , MUNGER & TOLLES, Los Angeles, CA, for Defendants-Appellees Wells Fargo & Co., Wells Fargo Bank N.A., UBS Loan Finance, L.L.C., UBS AG, Bank of America Corporation, The CIT Group Inc., The CIT Group/Business Credit, Inc., PNC Bank, N.A., Fifth Third Bank, Webster Business Credit Corporation, and Bank of America Corporation.

David H. Fry , MUNGER & TOLLES, San Francisco, CA, Daniel Millea , ZELLE LLP, Minneapolis, MN, Roshan N. Rajkumar , BOWMAN & BROOKE, Minneapolis, MN, Bradley R. Schneider , MUNGER & TOLLES, Los Angeles, CA, for Defendants-Appellees Wachovia Capital Finance Corporation (Central), Merrill Lynch Business Financial Services, Inc., Lasalle Business Credit, L.L.C., Bank of America Business Capital, and Associated Commercial Finance, Inc.

Robert T. Kugler , STINSON, LLP, Minneapolis, MN, John Francis O'Sullivan , HOGAN & LOVE LLS, Miami, FL, Allen P. Pegg , HOGAN & LOVELLS, Miami, FL, for Defendant-Appellee Richter Consulting, Inc.

J. David Jackson , DORSEY & WHITNEY, Minneapolis, MN, Jennifer Gene Lurken , GISLASON & HUNTER, Mankato, MN, Richard T. Thomson , BALLARD & SPAHR, Minneapolis, MN, for Intervenors below-Appellees Douglas A. Kelley , Randall L. Seaver , and John R. Stoebne.

Before SHEPHERD, GRASZ, and KOBES, Circuit Judges.


The appellants — Ritchie Capital Management, L.L.C., Ritchie Special Credit Investments, Ltd., Rhone Holdings II, Ltd., Yorkville Investment I L.L.C., and Ritchie Capital Management, SEZC, Ltd. (collectively, the "Ritchie entities") — sued a collection of mostly banking institutions from which the Ritchie entities...

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