Health Contractor Strikes $30M Deal In Wells Fargo Loan Suit

Law360, Wilmington (September 10, 2012, 6:55 PM EDT) -- Health care management provider Medical Development International Ltd. on Friday submitted to the appointment of a receiver over its operations and a $30.1 million judgment in favor of Wells Fargo Bank NA, which had sued the prison contractor over defaulted loans.

In March, Wells Fargo hit the Ponte Vedra, Fla.-based company with a lawsuit in Delaware court seeking a receiver and claiming MDI had defaulted on $37.5 million in debt to the bank even as it made improper loans to executives, particularly former CEO Richard Willich, for...
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