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Wachovia sued for predatory practices.

Global Banking News-13 February 2009-Wachovia sued for predatory practices(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 13 February 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

A Mount Airy developer, Granite Development LLC, has filed a suit against Wachovia Bank for its alleged predatory practices.

The developer complained that the bank had resorted to extortion, fraud and unfair and deceptive trade practices. According to the suit, the bank had resorted to unfair practices to force Granite Development LLC to accept unreasonable loan demands on an extension the developer wanted on the construction loans that it had received from the bank.

A spokesperson of the bank has denied the allegations.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Feb 13, 2009
Words:138
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