Justice Family Reaches Resolution With Bank Over Loans
A resolution to legal issues between West Virginia Gov. Jim Justice’s family and businesses and Virginia-based Carter Bank & Trust has been reached.
The Justice group of companies said in a statement released Wednesday by attorney Steve Ruby that they “successfully concluded a number of matters relating to Carter Bank and Trust (CB&T), one of the companies’ longtime financing partners,” the Bluefield Daily Telegraph reported.
The Republican governor’s coal and hospitality businesses filed a lawsuit in May against the bank over claims of deception. Justice was also personally on the hook for $368 million in remaining loan debt to that bank, according to court documents. The suit sought damages of $421 million related to financing arrangements of outstanding loans.
That action came after Carter Bank had filed suit regarding $58 million in loans that, they said, were “personally guaranteed” by Justice and his wife Cathy.
“The resolution marks a resumption of the companies’ previous business relationship with CB&T and will allow them to maximize performance in the current favorable markets in mining, hospitality, and agriculture,” the statement from Ruby said.