A financial services company associated with the Lower Brule Indian tribe is not protected by sovereign immunity, a Manhattan state judge has ruled, allowing a lawsuit against the company over a failed loan purchase deal to go forward.
Supreme Court Justice Eileen Bransten (See Profile) ruled on Oct. 22 in Seaport Loan Products v. LBCDE, 651492/12, that the company, Lower Brule Community Development Enterprise, or LBCDE, is effectively a private, for-profit entity despite its association with the tribe.
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