Wells, Prudential Caused Bankruptcy Over $150M Loan: Suit

Law360, Los Angeles (August 21, 2012, 7:57 PM EDT) -- Wells Fargo Bank NA and Prudential Insurance Co. of America are accused of orchestrating an elaborate plot to get repayment on a $150 million loan by pushing Texas-based mechanical contractor Conex International LLC, which services the refining and petrochemical industries, into involuntary bankruptcy, according to a case removed to federal court Friday.

The lawsuit stems from the February 2011 closure of Conex International's Beaumont, Texas, facility, resulting in dozens of layoffs and tens of millions of dollars in damages. Conex International and its affiliates were the...
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