The District Court of Kansas has dismissed Gold Bank's lawsuit against the Farm Service Agency and Agriculture Secretary Mike Johanns, Gold's parent company said Thursday.
In a filing with the Securities and Exchange Commission, Gold Banc Corp. Inc. of Leawood, Kan., said that the Kansas court ruled on Dec. 23 that it could not hear the case because it falls under the exclusive jurisdiction of the U.S. Court of Federal Claims. Gold said it plans to refile its suit.
The $4 billion-asset company filed the lawsuit in June, alleging that the regulatory language on the rates banks can charge borrowers on FSA-guaranteed loans is "unconstitutionally vague." Gold has been the defendant in four separate lawsuits over such loans in the past two years.
In November, Gold agreed to sell itself to the $45 billion-asset Marshall & Ilsley Corp. of Milwaukee for about $700 million.
