Bank, builder duel again
Santa Barbara contractor David Lack and Bank of Santa Barbara are at it again, and this time the builder has fired the latest round in his ongoing battle with the bank.
On March 19, Lack Construction filed a lawsuit in Santa Barbara County Superior Court alleging that Bank of Santa Barbara, the firm’s creditor, had laid fraudulent grounds for default and intentionally caused harm to the business.
But Lack’s suit is simply the latest installment in a legal fight that began last year, when Bank of Santa Barbara sued the contractor for fraud and breach of contract for failing to pay back a business line of credit. That litigation seemed to end in a settlement agreement on Nov. 20, 2009, but Lack seeks to terminate the settlement and is now counter-suing.