Agricultural News
Cattlemen Sue Bank Claiming It Hijacked Millions Of Dollars With Useless Checks
Mon, 19 Nov 2012 14:07:56 CST
Twenty-two cattle producers, auction markets and cattle dealers in Kentucky and several other states are suing Fifth Third Bank of Cincinnati for what they call "a calculated scheme by a major national financial institution at modern-era cattle rustling," according to The Lane Report.
The lawsuit stems from the bank's relationship with New Albany, Ind.-based cattle broker Eastern Livestock, which filed for bankruptcy in December 2010. The plaintiffs claim Fifth Third, in an effort to enhance its own position, "literally hijacked millions of dollars from the national livestock industry" that was owed to them and others who sold cattle to Eastern Livestock.
Several Eastern Livestock principals accepted a plea deal to indictments brought in 2010 by Kentucky Attorney General Jack Conway. The defendants admitted to engaging in organized crime and criminal collaboration to commit ongoing theft.
The lawsuit claims that Fifth Third's actions-"the interruption and seizure of cattle payments without rendering payment for the cattle to hundreds of unwitting, unpaid sellers"-was "carefully timed and expressly engineered by Fifth Third to conceal its long-running willful misfeasance and malfeasance in connection with a failed $32.5 million structured financing of Eastern, now a debtor in bankruptcy."
The plaintiffs are asking for a jury trial. They are seeking to recover compensatory damages and costs from the Eastern executives for theft by deception and from Fifth Third for allegedly aiding and abetting theft by deception. They also are seeking punitive damages from Fifth Third, which they say is liable for the full extent of their damages.
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