Vail’s Gorsuch files suit against Wells Fargo
Vail, CO Colorado
EAGLE, Colorado – Gorsuch Ltd., based in Vail, Wednesday filed suit agains Wells Fargo Bank, alleging breach of contract and “bad faith actions” the bank took in early 2009 that led to the shutdown of Gorsuch’s line of credit. The case was filed in District Court in Eagle.
A press release from Gorsuch claims that Wells Fargo suspended advances on the Vail company’s revolving line of credit in early 2009. The complaint filed claims that Wells Fargo declared the revolving line of credit loan to be in default based on “expected” noncompliance with new terms the bank had imposed.
The release also states that Gorsuch’s account was transferred from Denver to the bank’s “loan adjustment group” in Utah, although Gorsuch was current on all its loan payments at the time.
The bank’s actions “had an immediate and deleterious impact upon Gorsuch’s ability to fund its successful catalog and retail businesses,” the release states. “Coupled with the economic downturn, it took everything the family and its employees had for the business to survive.”
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