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Article

8 Jun 2011

Author:
Baton Rouge Business Report [USA]

Owners of B.R. business accuse GE Financial of anti-Semitism [USA]

Two men who own Baton Rouge nursing homes are suing GE Business Financial Services [part of General Electric], charging a loan executive with the company took actions motivated by anti-Semitism that caused them to lose more than $100 million...The [plaintiffs] Schwartzbergs financed the purchase of a dozen nursing homes and assisted living facilities in Louisiana and Texas with a loan from Merrill Lynch. Merrill Lynch later sold its healthcare financing division to GE Financial...The suit charges [the GE Financial loan administrator] Arrowsmith of intentionally pursuing discriminatory actions, manufacturing defaults on loans, and withholding millions of dollars needed for capital expenditures, which led to the Schwartzbergs’ running afoul of nursing home regulators. The suit says Arrowsmith made bigoted and disparaging statements about the Schwartzbergs' ethnicity and religion...