Manufacturer is 5th to Sue Community Bank
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A plastic-bag manufacturer has sued the federally funded Los Angeles Community Development Bank for breach of contract and misrepresentation, alleging that bank officers promised to lend money to the company in 1996, then improperly changed loan requirements in the eleventh hour, contributing to the company’s demise. The Los Angeles County Superior Court claim by Los Angeles-based Optiplast Inc., brings to five the number of lawsuits filed against the bank by early and would-be borrowers who say that erratic, unprofessional treatment by bank officers damaged their companies. Bank officials have consistently denied wrongdoing.
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