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.
