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Lac du Flambeau Fall-Out

February 2, 2012 | Posted by Molatore, Clifton | Print this page

Fall-out from the Lac du Flambeau decision continues, not surprisingly, with a lawsuit filed by the bond holders against the bond counsel that issued the opinion letter in the $50 million bond issuance. Godfrey & Kahn opined that both the deal and the tribe's waiver of sovereign immunity were valid, only to later have the bond documents struck down by the court as unenforceable.  The complaint also names Stifel, Nicolaus & Co., the St. Louis securities firm that marketed the bonds.  The Wisconsin Journal Sentinel's coverage of the lawsuit is available here.