Fifth Third Bank is now suing failed Southside hot spot Latitude 360 and its CEO for millions of dollars, saying the company never paid the bank back.
Action News Jax started investigating the company’s financial failures months before it suddenly shut down in January.
Fifth Third Bank had master equipment lease agreements with Latitude 360 and its related companies in multiple states.
That includes the flagship location in Jacksonville on Phillips Highway and a location in Illinois that never opened.
The bank is suing for more than $3 million, which it said the company owes, personally guaranteed by CEO Brent Brown.
The master equipment lease agreements with Latitude include those for kitchen equipment, security equipment, arcade games, HD monitors, furniture and more.
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The bank wants its money back and it wants to recover possession of that equipment.
The lawsuit names 30 defendants, including the United States of America, the Florida Department of Revenue and the Duval County Tax Collector.
Those agencies are named because they all have multiple tax liens against Latitude 360’s property. The bank is arguing its claim to Latitude 360’s equipment trumps any claims by those government agencies.
There are at least seven open lawsuits against Latitude 360 and its CEO in Duval County.
Last month, the company was hit with a $4.3 million judgment because of an unpaid Swiss loan.
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