Case Summary:

In the case of BLST Northstar, LLC v. Santander Consumer USA, Inc. (Docket No. 24-3597), argued before the U.S. Court of Appeals for the Eighth Circuit on February 12, 2026, the relevant facts are as follows:

The litigation arose from a multi-year commercial financing relationship between the plaintiffs (collectively Bluestem) and Santander Consumer USA, where Santander provided the liquidity to fund Bluestem’s consumer credit program by purchasing its accounts receivable.

Bluestem alleged that their underlying contracts provided them with a right of first refusal to repurchase these receivables—valued at over $1 billion—in the event that Santander decided to exit the program or the contracts were not renewed.