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Monsanto files complaint against Wells Fargo, Citizens Asset Finance

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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.