Ranger Scientific Wins Lawsuit Against North Avenue Capital

Charleston, WV (December 23, 2024): A Charleston jury has found in favor of Ranger Scientific, LLC in a lawsuit brought by North Avenue Capital, LLC, a subsidiary of Veritex Community Bank. The lawsuit alleged that Ranger breached a $7.5 million loan agreement by failing to make principal and interest payments, failing to provide financial records, and other alleged defaults.

The jury found that while Ranger did breach the loan agreement, North Avenue Capital’s alleged damages were not a result of the breach. As a result, Ranger does not owe North Avenue Capital any of the funds it claimed were due under the loan.

A key factor in the case was U.S. District Court Judge Joseph R. Goodwin’s previous finding that North Avenue Capital’s method of calculating interest was incorrect.

“The jury clearly was not going to reward North Avenue Capital for its wrongful conduct in calculating the interest, which was the reason the loan fell apart in the first place,” said Stephen Hastings, attorney for Ranger Scientific.

Ranger Scientific is a West Virginia-based company that produces harmonically tuned ammunition. The loan from North Avenue Capital was intended to help Ranger construct its manufacturing facility and begin operations.

“This litigation stalled our progress and we are excited to look toward the future,” said Dan Pearlson, Ranger’s Managing Member. “Hendrickson & Long’s trial team did a remarkable job taking on this fight for us.”

 

About Hendrickson & Long, PLLC

Hendrickson & Long, PLLC is a Charleston, West Virginia-based law firm with a strong track record of success in complex commercial litigation.

Contact:

Stephen Hastings shastings@handl.com 304-346-5500