trending Market Intelligence /marketintelligence/en/news-insights/trending/blAqKePNwKKQwKENUS2Wow2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Monsanto files complaint against Wells Fargo, Citizens Asset Finance

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


Monsanto files complaint against Wells Fargo, Citizens Asset Finance

Monsanto Co. alleged in a court filing that Citizens Asset Finance Inc., which holds leases on some of Monsanto's planes, attempted to use Bayer Aktiengesellschaft's acquisition of Monsanto as a reason for threatening to declare an event of default under the leases.

Monsanto claimed that Citizens does not have the right to declare an event of default because the requirements for such a declaration, under the lease, are not met.

Monsanto filed the complaint against Wells Fargo Trust Co. NA, which is the owner trustee in the lease, as well.

Monsanto is seeking a decision that finds that Bayer's takeover doesn't put Monsanto in breach of the lease covenants, and that Citizens "has engaged in willful misconduct."

A Wells Fargo representative declined to comment on the matter.