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Big Banks Sue Bankrupt Cocoa Firm Claiming Financial Fraud

Law360, New York (January 12, 2018, 3:40 PM EST) -- Amro, Société Générale, BNP Paribas and five other global banks with commodities operations have sued eight executives of bankrupt cocoa firm Transmar Commodity Group Ltd. in New Jersey federal court, claiming the struggling firm gave the banks false information about its financial condition as it sought to enter into a $360 million credit agreement.

The banks’ civil complaint, filed Jan. 8, names Transmar CEO Peter G. Johnson, his wife Mary, their son Peter B. Johnson and five others in the family-owned, sustainable supply chain concern based...
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