Equitable Bank was sued for $148 million.
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E. F. Hutton Mortgage Corp.’s lawsuit accused the bank of fraud, conspiracy and breach of fiduciary duty. The suit is the latest development in a complex series of events that saw mortgage broker Famco shut its doors last November. The E. F. Hutton subsidiary filed a separate multimillion-dollar fraud suit against Famco and its chief, Michael H. Clott, which is pending in federal court. The latest claim alleges that Equitable conspired with Clott, Famco and others to divert trust funds due Hutton.
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