SALEM, Ohio — After a total of $94 million in unpaid livestock transitions, the Eastern Livestock Company of Albany, Ind., is facing some legal woes.
Fifth Third Bank, of Cincinnati, filed a lawsuit Nov. 10 against Eastern Livestock Co.
The bank’s court filing included, among other things, a motion for the emergency appointment of a receiver, and Elizabeth M. Lynch, of Development Specialists Inc., of Cleveland, Ohio has been appointed as such by the Hamilton County Common Pleas Court.
Eastern Livestock Co. LLC is a large cattle brokerage company. The company did not respond to phone calls and messages left by Farm and Dairy.
Numerous checks written by Eastern Livestock Company for livestock purchased have been returned as “Refer to Maker” and are now being returned as “Insufficient Funds.”
According to the Livestock Marketing Association website, the “LMA Livestock Board of Trade and our legal team is closely monitoring the financial status and dealings of Eastern Livestock and is working diligently to assist our LMA members in deciding upon an appropriate course of action.”
According to court documents, the bank has filed a motion for a temporary restraining order and permanent injunction.
Livestock Marketing Association members are urged to contact the Livestock Board of Trade and LMA’s legal team, VanHooser & Eftink, if they are holding returned checks or otherwise unpaid livestock transactions.