Color-Web Suing Its Bank, Seeking $13.8 Million
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Color-Web alleges that People’s Capital and Leasing Corp. reneged on a financial commitment to provide almost $4 million in funding for new technology—a state-of-the-art, custom-built printing press—in 2007. The bank provided a $200,000 deposit at that time, the suit alleges. Upon receiving this commitment, Color-Web changed its business operations to accommodate the new technology. The company contends the bank then pulled the financing as other printing businesses began to suffer financially, in violation of the agreement.
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