Gorsuch, LTD. v. Wells Fargo, No. 14-1013 (10th Cir. 2014)
Annotate this CaseIn 2008, Wells Fargo extended a $14 million line of credit to Gorsuch, Ltd., a ski equipment, apparel, and home furnishing company. In 2009, when Gorsuch's winter sales were lower than expected, Wells Fargo suspended the line of credit. Gorsuch, Ltd. and several Gorsuch Entities (Gorsuch, Ltd., B.C.; Gorsuch, Limited at Aspen; Gorsuch, Limited at Keystone Mountain; and Gorsuch Cooper, LLC) sued Wells Fargo for damages. The Gorsuch Entities argued they were intended third-party beneficiaries of the Credit Agreement and were not subject to a clause precluding third-party beneficiaries from bringing suit. The district court disagreed and dismissed them from the litigation. After Gorsuch, Ltd. and Wells Fargo proceeded to arbitration, Gorsuch Cooper and Gorsuch, Limited at Aspen sought to amend the complaint to add additional tort claims. The district court denied the motion, finding: (1) Gorsuch Cooper and Aspen were no longer parties; and (2) they had not shown good cause to amend after the deadline established in the scheduling order. On appeal, the Gorsuch Entities challenged the order dismissing them from the case. Gorsuch Cooper and Aspen appeal the denial of their motion to amend the complaint. Finding no reversible error, the Tenth Circuit affirmed the district court.
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