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Kennedy Funding Lawsuit: Virgil Shelton Vs Kennedy Fundings

    After thatYou all are aware of the Lawsuits. Now you all know about one of the very big funding company Kennedy Funding. So this article is the combination of Kennedy funding and the lawsuit. That is why the topic for today’s article is Kennedy Funding Lawsuit. Kennedy Funding is known as one of the very big name in the world of real estate lending. This company is known as one of the very best lending company. Still the thing is that it got into the spotlight because of the lawsuits filed against this company. This company has been indulged in some of the legal conflicts.

    All these blames were about their work ethics, transparency, and issues with the policies and their contracts. Questions were raised against their terms and conditions and doing fraud with their contracts. This lawsuit has grabbed a lot of attention. So let’s take a look about every vital details and facts of this lawsuit.

    Prologue: Kennedy Funding

    Now before getting deep details about the lawsuit let’s know about this funding company. So Kennedy Funding is a very big name in the real estate industry. It lends the funds to their clients and helps them in their real estate business. They complete the whole process of lending through the proper documents. Their name is also big because of their big clients. The clients this company has are so big in their sector. That is why other companies also attracts towards the Kennedy Funding.

    Kennedy Funding Lawsuit

    Several Lawsuits were filed against the Kennedy Funding. Still one of the hottest lawsuit was the one which was filed by Shelton. The full name is Virgil Shelton. Virgil claimed that the Kennedy Funding breached the contract signed between them. They told that they did not followed all the terms and conditions mentioned in the contact. The lawsuit was filed and then they both attended the court hearings. After all the hearings the Virgil Shelton won the case. The court asked the Kennedy Funding to pay $1675000 as a fine for Kennedy and as a reward for Virgil.

    The contracts issues were happened again with them and due to some other reasons as well like ethics and lack of professionalism they have been sued by the different clients. Though they did not become so big but the Virgil one got all the attention. As it was also concluded in the favour of Virgil in which the Kennedy paid them a huge amount of money to the Virgil.

    Basic Details: Kennedy Funding Lawsuit

    • United States Court of Appeals, Eighth Circuit.
    • Virgil SHELTON, Appellee, v. KENNEDY FUNDING, INC., Appellant.
    • No. 09-1670.
    • The judgement was passed on 24th September, 2010
    • Judges: RILEY, Chief Judge, 1SMITH and SHEPHERD
    • David L. Williams and Katherine M. Hingtgen, of Little Rock, AR, for Appellee.
    • Morgan E. Welch, of North Little Rock, AR, James Gerard Schulze and Lloyd W. Kitchens, III, of Little Rock, AR, for Appellant.

    Summary of the Whole Incident

    The incident took place when the Shelton did not get the full amount of its money. Actually Shelton started a cemetery in the year 1967. The name of the cemetery was Rest in Peace. The business of his cemetery worked well and became a successful business. After running this business for more than 25 years. Virgil decided to sell it and then Acklin was ready for the deal. Then due to some financial issues Acklin was not able to do that.

    Due to that he asked Shelton to make some adjustments. After that, under a legal note, he promised to pay some X amount of money to Shelton and to his 2 sons till some time which is not mentioned. Then it is also mentioned that Acklin was paying some debt to the Sheltoon for 10 years. Then due to some financial crisis he was not able to do that after 10 years.

    Acklin was looking to get a loan for bridge. Now the bridge loan was provided by the Kennedy Funding. So Kennedy Funding was not a kind of bank. They were and are the private money lenders of America. Kennedy promised the Acklin to provide the loan for the bridge at a good amount of interest. Moreover, they also promised to complete the mortgage of Acklin with the Shelton. Then after seeing all the notes, they saw that there is no amount mentioned. Now due to that Kennedy had some discussions with Virgil and which led them to another issue. Now due to all the past records no decided amount Kennedy was asked by the court to pay a good amount to Shelton.

    Kennedy Funding Lawsuit
    Kennedy Funding Lawsuit

    Kennedy Appeal: Kennedy Funding Lawsuit

    After the court asked Kennedy Funding to pay $1675000. The Kennedy appealed in the higher court and then after showing all the documents and explaining all the scenarios to the court the court found that there should be some changes. In this judgement Shelton lost $1000000. As Kennedy was asked to pay $675000 to Shelton.

    Conclusion

    Lastly, we want to say that this lawsuit did not reflect a bad image of Shelton. It is all about the past records and the loan of Acklin and some sudden promises made by Kennedy Funding. So that is all about this lawsuit.

     

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