5:32 am July 16, 2010, by Henry Unger
Newnan developer Stan Thomas has sued Wells Fargo Bank for $2.8 billion, claiming the bank failed to make good on a promise to lend him $500 million to continue projects across the country, AJC staffer Rachel Tobin Ramos reports.
The lawsuit is just one part of the legal disputes between Thomas and Wells Fargo. Also last month, Thomas sued Wells Fargo for defamation over a real estate listing that he claims was inaccurate regarding a San Antonio shopping center, Ramos reports.
And this week, Wells Fargo sued Thomas for defaulting on four loans for more than $119 million to develop shopping centers. The loans were made in 2007 and 2008 by Wells Fargo’s merger partner, Wachovia Bank.
The suits are fallout from the financial crisis that caught Thomas in the middle of billions of dollars worth of large projects nationwide that needed financing to continue, Ramos reports.
In the suit over the loans Thomas says were promised but never materialized, the developer claims Wells Fargo breached its contract and seeks $2.8 billion in damages.
A Charlotte-based Wells Fargo spokeswoman, Jaime Dexter, said the suit has “no merit,” Ramos reports.
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