Wells Fargo Sues Medical Development Over $30 Million Loan
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Wells Fargo & Co., the fourth-largest U.S. bank by assets, sued prison-service provider Medical Development International Ltd. in Delaware Chancery Court seeking to recover $30 million in loans.
Wells Fargo said in complaint filed today in Wilmington that Medical Development, based in Ponte Vedra, Florida, has been in default on the loans “for quite some time” and asked a judge to appoint a receiver.