trending Market Intelligence /marketintelligence/en/news-insights/trending/Ep8VuFXuT7rZz2g0mCx0yQ2 content esgSubNav
In This List

Lawsuit alleges Century Bancorp conspiring with marijuana dispensary

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Lawsuit alleges Century Bancorp conspiring with marijuana dispensary

Medford, Mass.-based Century Bank and Trust Co. is facing a lawsuit for allegedly conspiring with a medicinal marijuana dispensary in violation of the Racketeer Influenced and Corrupt Organizations Act.

In its 10-Q filing, the bank disclosed that it is part of a lawsuit filed Sept. 7 with the U.S. District Court for the District of Massachusetts. Other defendants include Healthy Pharms; the Attorney General of the Commonwealth of Massachusetts; the Massachusetts Department of Public Health; and the City of Cambridge, Mass.

A group of companies claim that Healthy Pharms' plan to open a registered medicinal marijuana dispensary near their properties will impair those properties' use and value. The plaintiffs are seeking unspecified damages, as well as injunctive and declaratory relief.

Parent Century Bancorp Inc. and the bank intend to "vigorously defend" themselves against the allegations.