Wells Fargo Sues Real Estate Mogul Over $187M In Loans

Law360, New York (March 12, 2012, 7:10 PM EDT) -- Wells Fargo Bank NA sued a Boston real estate magnate Friday in federal court, seeking to recoup more than $187 million after the alleged violation of a forbearance agreement by the mismanagement of as many as 20 properties in five states.

Wells Fargo's complaint, filed in Massachusetts district court, alleges John McGrail and two of his companies — MGD Holdings LLC and Mayo Holdings LLC — breached a forbearance agreement, reached in August, by allowing building managers to break city ordinances and state laws. McGrail and the two companies began borrowing money in...
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