![Lawsuit filed against former EPIC Companies CEO [Video]](https://smallbizsage.com/wp-content/uploads/2024/09/mp_316654_0_TJQO6VA56BHJFJUFKBLAEV66KUpng.jpg)
FARGO, N.D. (Valley News Live) – The former CEO of EPIC Companies is being sued.
The lawsuit was filed in Cass County by 7Seven Property Partners, a limited liability company out of Minot.
The lawsuit alleges Todd Berning owes the company $506,933 in principal, unpaid interest and late fees.
However, court records indicate efforts to serve Berning paperwork have failed.
Documents say the loan was to be ultilized by EOLA Capital.
In March 2022, 7Seven Property lent $500,000 to EOLA. Documents say Berning guaranteed repayment on behalf of EOLA.
The last payment EOLA made on the loan was on April 30, 2024, according to court papers.
In July 2024, 7Seven Property accelerated the indebtedness. Days after, EPIC Companies filed for Chapter 11 bankruptcy.
Troubling news about the future of EPIC Companies first surfaced in May 2024. Around that time, other companies began taking over EPIC-owned properties.
Copyright 2024 KVLY. All rights reserved.
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