Rand v. Moua: The Other Shoe Drops

In a Truth-in-Lending Act (TILA) case covered previously on this blog, the lender lost on a TILA rescission claim before the 8th Circuit (which had reversed the District Court (D. Minn.)).

Pursuant to the Eighth Circuit’s mandate, late last week, the lender/plaintiff, Rand, was ordered to pay defendants attorney’s fees (Amber Hawkins, John Tancabel) in the amount of $121,142.50 (and costs in the amount of $933.12).

Collecting on the judgment is another issue entirely.  Prior to this past August, Rand Corporation had openly disclosed to the Court and all parties that its business activities have long since ceased, and that Rand Corporation was a defunct entity that could not pay its debts as they become due in the regular course of business, including its legal bills owed to its own lawyers.