Sequoia National Bank has announced that it has filed a lawsuit against Peter Behr, Jr., Richard Hatfield, Daniel Holland, Robert Johnson, Paul Van Etten, and certain affiliated companies. The complaint alleges that the defendants have conspired to expand their sub-prime, hard-money mortgage lending and factoring businesses through a secretive takeover of 51% of the Bank. The complaint alleges that the defendants intend to do it in a manner that would be highly detrimental to the shareholders of the Bank. The lawsuit seeks damages and an injunction under California's unfair business practices statute.
