The Assemi family’s troubled farming empire is being sued yet again, this time by a lender who alleges they are owed $48.6 million.
Brighthouse Life Insurance Co. filed a lawsuit in federal court on Oct. 10, claiming the Assemis broke their loan agreements and they are asking for a judicial foreclosure and appointment of a receiver.
Brighthouse Life Insurance, a former division of MetLife Inc., joins three others who have filed legal action to try and recoup more $770 million in defaulted loans that were used by the family to operate more than 50,000 acres of pistachios and almonds in the central San Joaquin Valley.
“Defendants and their farming entities have experienced extreme financial difficulties and the inability to repay their loans from MetLife and its affiliated companies in an amount of over $48,600,000 from a total of nine defaulted loan agreements that have resulted in the filing of this action…” according to Brighthouse’s lawsuit.
At one time, the Assemi brothers, Farid, Farshid and Darius, were among the largest nut growers in the region. But court documents reveal their once-thriving companies, Maricopa Orchards and Touchstone Pistachio Company, began struggling after a failed expansion attempt and other factors.
Millions of dollars in loans went unpaid, prompting several major lenders to take legal action to take control of the farming operation.
In September, Prudential Insurance Company of America and PGIM Real Estate Finance filed a breach of contract lawsuit to recoup $700 million from the Fresno County pistachio farmers. Also, U.S. Bank National Association also sought the courts help to get back $72 million in unpaid loans.
With the pistachio harvest already underway, lawyers for the lenders urged the court to appoint a receiver to oversee the harvest and protect it’s assets.
On Sept. 24, U.S. District Court Judge Kirk E. Sherriff approved the appointment of a receiver and a $32 million lifeline from Prudential to fund the harvest.
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.