In a Unique About Face, Small Business Takes Offensive Against Big Bank
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Bank of America – Here We Go Again!
In a Unique About Face, Small Business takes Offensive Against Big Bank
(Chicago, Feb. 4, 2009) Today, Chicago based La Guadalupana Wholesale Co. Inc. is taking emergency legal action, in the form of a Temporary Restraining Order, against Bank of America claiming the bank has illegally and purposely damaged its business and reputation.
La Guadalupana has been with Bank of America since 2006. Financial troubles arose in 2007 and La Guadalupana has been working toward settlement with the bank since July of 08, but claims Bank of America didn’t honor its end of the bargain. “Very recently, we discovered Bank of America has deliberately interfered with our clients’ business relationships, prospective business, and the good name of their company that has been cultivated over the past 65 years,” says attorney William Delaney. “If we don’t get an emergency Temporary Restraining Order, more than 20% of my client’s business is at risk.”
“My family has been working night and day to honor our commitments to the bank, our employees, our community, and our vendors”, says Alejandro Castro the 3rd generation of Castros to run the Little Village and Back of the Yards Mexican foods operation. La Guadalupana was founded by Castro’s grandparents in 1945 and today employs 25 workers who are still making Grandma Castro’s century-old recipes. “We’ve been Chicago’s number one maker of masa (the chief ingredient in tamales) for 63 years and we’ve achieved 15% growth every year for the last five years”, says Castro, “but now we’ve lost 30% of our market share since the bank began interfering.”
“There is a clear line between settlement negotiations and interference,” says Delaney, “and we are going to prove that Bank of America repeatedly crossed it. When you would think it is in the Bank’s best interest to give my client the ability to pay them back – they are taking every opportunity to get in the way.”
Today, La Guadalupana caused to be filed two separate lawsuits against Bank of America:
Emergency Temporary Restraining Order – seeking an immediate Court Order to enjoin Bank of America from:
a) communicating with La Guadalupana customers
b) interfering with La Guadalupana business relationships and/or prospective business
2. Complaint at Law – in Law Division seeking monetary damages and compensation
I Breach of Settlement Agreement
II Trade Libel/Slander
III Tortious Interference with Prospective Business Opportunity and Economic Advantage
IV Fraudulent Misrepresentation
V Breach of Fiduciary Duty
“What we hope”, says Castro “is that this is the lawsuit heard around the U.S. “If we can’t fix small business, we can’t fix the economy, and in the end billions of dollars will have been wasted.”
A Temporary Restraining Order will be set on the court’s calendar at the Daley Center. We will provide more details as they become available.
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