Tribe Owes $65 Million For Parking Garage Loan, California Panel Finds
(June 20, 2016, 3:12 PM EDT) -- RIVERSIDE, Calif. — A California appeals court on June 15 affirmed a $65 million award to Wells Fargo Bank N.A. for a defaulted loan made to an Indian tribe and its development authority for construction of a parking garage at the tribe’s casino (Wells Fargo Bank, N.A. v. Cabazon Band of Mission Indians, No. E060447, Calif. App., 4th Dist., Div. 2).
(Opinion available. Document #96-160708-018Z.)
Decline In Revenues
In 2006, Wells Fargo loaned $56,570,000 to the Cabazon Band of Mission Indians to build a parking garage...