AgAmerica Lending, a Lakeland-based company, has sued multiple entities and two people, alleging they deceived it into loaning more than $40 million toward a problem-plagued coffee farm in Hawaii.
The subsequent loan default caused the first quarterly loss in AgAmerica’s 14-year history and forced the company to lay off dozens of employees, the lawsuit says. AgAmerica is seeking a jury trial in Polk County as it pursues millions of dollars in damages.
The suit alleges that Municipal Employees Retirement System of Michigan, a multibillion-dollar pension fund, played a lead role in the scheme. AgAmerica accuses the defendants of fraudulent misrepresentation, conspiracy to commit fraudulent misrepresentation and negligent misrepresentation…