In a tremendous win for Wisconsin’s banking industry, the Wisconsin Supreme Court affirmed a lower court decision in favor of Park Bank in the case of Koss Corp. v. Park Bank. The case addressed the issue of what constitutes “bad faith” under Wisconsin’s Uniform Fiduciary Act (UFA).
WBA filed an amicus brief as the case worked its way through the court system. Previously, there was little case law in Wisconsin interpreting “bad faith” under the UFA. This decision was critical in establishing a lasting definition of “bad faith” with which all banks must comply to avoid liability under the UFA.
This is huge news for Wisconsin’s banking industry. WBA will provide an in-depth analysis of the decision and its effect on the banking industry soon.
Read the Court’s full decision here.
View WBA’s amicus brief here.