A canners’ co-op filed a $1.6-billion lawsuit.
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California Canners & Growers, a Northern California agricultural cooperative that filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code in 1983, filed the lawsuit against six lending institutions claiming that the banks were responsible for its financial troubles. The suit, filed in U.S. District Court in Sacramento last week, named as defendants Bank of America, Wells Fargo Bank, Mellon Bank, California First Bank, the Sacramento Bank for Cooperatives and the Central Bank for Cooperatives.
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