Thursday, November 08, 2012

Ranchers sue bank over ‘cattle rustling’

Banks and cattle rustling. Not words that often land in the same sentence, at least not in the last few centuries. But a group of cattle producers, stockyards operators and cattle auction houses sued Cincinnati-based Fifth Third Bank over what the group claims is Fifth Third’s participation in a company’s scheme that allegedly bilked cattle companies out of $30 million. The group called the activity of New Albany, Ind.-based Eastern Livestock “modern-era cattle rustling,” according to a complaint filed Nov. 2 in Allen Circuit Court in Allen County, Ky., near Bowling Green.Fifth Third was involved in a $32.5 million structured financing of Eastern Livestock, according to the lawsuit...more

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