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James D. Friedman quoted in article “U.S. Bank Sues Government to Keep Money from Insolvent Borrower’s Assets”

The Chicago Tribune

It is a case that one Milwaukee attorney who is not involved in the dispute said might bode ill for lenders if U.S. Bank loses.

"For the government to be able to somehow override priority rights established under state law would be very disconcerting to lenders," said James D. Friedman, chairman of the financial institutions practice group for the law firm Quarles & Brady.

Neither the bank nor government will comment on the case while it's pending, but the lawsuit filed by U.S. Bank in federal court in Milwaukee on Jan. 18 lays out the bank's view of the issues.