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Creditor Sues German Bank

law_gavelSparta Commercial Services Inc. has initiated a lawsuit in the United States District Court for the Southern District of New York against the New York branch of DZ Bank, one of the largest banks in Germany.

The claims alleged against DZ Bank relate to a $25 million revolving credit facility issued to Sparta by DZ Bank to support Sparta's business of financing and leasing motorcycles and other powersports vehicles. Among other claims, Sparta seeks damages of $84 million for DZ Bank's fraud and breach of its fiduciary duties.