A Pennsylvania-based bank on Tuesday urged an Ohio appeals court to revive a lawsuit against dozens of companies that provided money to a fraudster that caused the bank to lose nearly $60 million.
The lawsuit S&T Bank Inc. filed against the merchant cash advance companies contained enough specific allegations of conspiracy, fraud, and other claims to properly notify the defendants of what they’re accused of doing in concert with convicted Cincinnati businessman Harold Sosna, argued Jonathan Y. Ellis of McGuireWoods LLP to the Ohio Court of Appeals, First District panel.
Such companies have been criticized for essentially providing high-interest loans ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.