SALEM, Ohio — After a total of $94 million in unpaid livestock transitions, the Eastern Livestock Company of Albany, Ind., is facing some legal woes.
Lawsuit filed
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.”
Court records
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.
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LMA is of no help. telling people to contact their family lawyer is, as they know,throwing more money away. Their involvement should be looked into. LMA is not on the side of the producer.
LMA IS ONE OF THE NATIONS MOST RESPECTED AG ASSOCIATIONS. THEIR LEGAL TEAM WAS ON TOP OF THIS ISSUE WELL BEFORE USDA. IT SHOULD BE POINTED OUT THAT ANY PERSON, TO DATE, THAT SOLD THEIR CATTLE THROUGH A REGISTERED, BONDED, LIVESTOCK SALE HAS BEEN PAID. IT IS THE MARKET OWNERS AND THE PEOPLE THAT SOLD DIRECT TO EASTERN THAT ARE HOLDING THE BAD CHECKS AND THE UNPAID INVOICES. MOST OF THESE MARKETS ARE FAMILY OWNED AND OPERATED AND SPPORTERS OF THE LOCAL COMMUNITIES.(HAS EASTERN EVER SUPPORTED A LOCAL $H, FFA, LITTLE LEAGUE, OR LIVESTOCK MEETING?) THIS EVENT MAKES A LITTLE COMMISSION PAID AT THE SALE BARN LOOK CHEAP COMPARED TO THE BAD CHECKS. KEEP UP THE FIGHT LMA.
lma’s legal team was on top of it. what does that mean? nothing.even i can tell people to hire their family layer. last comment means to rub the producers face in this for not wanting to pay a “membership fee” and a commission on EVERY head that runs off the truck.some stock yards write cold checks too, believe me.