Archer Farms v. UMB Bank, N.A.

CourtDistrict Court, N.D. Mississippi
DecidedJune 3, 2025
Docket3:24-cv-00327
StatusUnknown

This text of Archer Farms v. UMB Bank, N.A. (Archer Farms v. UMB Bank, N.A.) is published on Counsel Stack Legal Research, covering District Court, N.D. Mississippi primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Archer Farms v. UMB Bank, N.A., (N.D. Miss. 2025).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF MISSISSIPPI OXFORD DIVISION

ARCHER FARMS, et al. PLAINTIFFS

v. CIVIL ACTION NO. 3:24-CV-327-SA-JMV

UMB BANK, N.A. and HORNE LLP DEFENDANTS

And

JENNINGS PLANTING COMPANY, LLC, et al. PLAINTIFFS

v. CIVIL ACTION NO. 3:24-CV-328- SA-JMV

KMC FARMS, et al. PLAINTIFFS

v. CIVIL ACTION NO. 3:24-CV-329- SA-JMV

PORTER PLANTING COMPANY, et al. PLAINTIFFS

v. CIVIL ACTION NO. 3:24-CV-330- SA-JMV

ORDER AND MEMORANDUM OPINION Plaintiffs initiated this civil action on September 20, 2024, in the Circuit Court of Leflore County, Mississippi, pursuing state law claims against UMB Bank, N.A. and Horne LLP (collectively “Defendants”).1 Horne, the only non-diverse defendant, removed the action to this

1 The Court notes that four parallel lawsuits, including this action, were filed in the Circuit Court of Leflore County, Mississippi on or about the same date, and all were later removed to this court on October 18, 2024 on the same jurisdictional bases. The Court subsequently consolidated the cases with the first-filed action— Court on October 18, 2024, premising jurisdiction on the Class Action Fairness Act (“CAFA”) under 28 U.S.C. § 1332(d) and federal bankruptcy under 28 U.S.C. § 1334. Alternatively, Horne asserts that the Court has diversity jurisdiction under 28 U.S.C. § 1332 because it is improperly joined. Plaintiffs subsequently filed a Motion to Remand [15] arguing that all bases for removal are without merit.2 The Motion [15] has been fully briefed and is ripe for review.

Relevant Factual and Procedural Background Plaintiffs bring this case against Defendants for their alleged involvement in the fraud perpetrated against Plaintiffs by Express Grain Terminals, LLC (“EGT”)—an insolvent Mississippi grain dealer and nonparty to this lawsuit. The Plaintiffs include farmers and farm entities engaged in farming operations in Leflore County, Mississippi and/or other Mississippi Delta counties and surrounding areas. UMB Bank was EGT’s primary lender. Horne is an accounting firm that audited EGT’s financial statements for several years. As a grain dealer, EGT purchased grain from Mississippi farmers, stored that grain in its silos, and later sold it on the open market. During the 2021 harvest season, Plaintiffs delivered

their grain to EGT in exchange for promises that they would be respectively paid on a future date. Plaintiffs allege that EGT made false statements about its financial stability at that time. Instead of remitting payment to the Plaintiffs for their 2021 harvest, EGT filed for bankruptcy in the United

Archer Farms, et al. v. UMB Bank, N.A., Civil Action No. 3:24-cv-327-SA-JMV—being the instant lead case. See [35] at p. 3. 2 Duplicative motions to remand were filed in all member cases prior to the consolidation: Motion to Remand [19] in Jennings Planting Company, LLC, et al. v. UMB Bank, N.A., Civil Action No. 3:24-cv- 328-SA-JMV; Motion to Remand [18] in KMC Farms, et al. v. UMB Bank, N.A., Civil Action No. 3:24- cv-329-SA-JMV; and Motion to Remand [20] in Porter Planting Company, et al. v. UMB Bank, N.A., Civil Action No. 3:24-cv-330-SA-JMV. In referencing the instant Motion [15], the Court incorporates in its reference all pending motions to remand in the member cases. States Bankruptcy Court for the Northern District of Mississippi in September 2021.3 The Plaintiffs did not receive compensation for their grain from the bankruptcy estate. According to the Complaint [2], Defendants knew or should have known of EGT’s dire financial condition but, for their own gain, failed to take appropriate action, resulting in Plaintiffs’

loss. As to Horne, the Complaint [2] alleges that, in addition to auditing EGT for several years prior to 2021, it completed an audit of EGT about four weeks prior to EGT’s bankruptcy filing and failed to identify and report EGT’s fraudulent transactions that “[e]ven the most simplistic and elementary audit would have revealed[.]” [2] at p. 18. Plaintiffs allege that Horne had a duty to disclaim that it could not properly certify its 2021 audit of EGT on EGT’s financial statements or resign as EGT’s auditor and that either of these actions would have resulted in EGT’s noncompliance with the Mississippi Department of Agriculture and Commerce’s licensing requirements. Plaintiffs acknowledge that Horne included a “going concern statement” as to EGT on the audited financial statements (which John Coleman removed from the submissions to

MDAC) but, despite this, Horne never investigated why EGT continued to receive its license from MDAC. Id. at p. 16. Additionally, Plaintiffs allege that Horne failed to notify the majority owner of EGT, Dr. Michael Coleman, of the company’s financial situation.4 In other words, they allege that Horne could and should have prevented EGT from maintaining its grain dealer license but

3 The Complaint [2] alleges that John Coleman, EGT’s Chief Executive Officer, was the mastermind of the fraud committed against them. John Coleman prepared counterfeit financial statements and submitted them to the Mississippi Department of Agriculture and Commerce (“MDAC”) as early as 2018. Grain dealers are required to submit accountant-certified financial statements to MDAC for licensing renewals. Horne allegedly audited the company since 2018. 4 As further discussed hereinafter, Plaintiffs allege that Dr. Michael Coleman has assigned his claims against Horne to them and they bring those assigned claims in this lawsuit. Horne’s omissions instead allowed EGT to maintain its license through the time they turned over their grain. With respect to UMB Bank, the Complaint [2] alleges that it also knew of EGT’s suspicious business activity and financial situation yet acted strategically to protect its interest as EGT’s

secured lender. Plaintiffs allege that in December 2020, an officer of UMB Bank falsely assured to a MDAC investigator that EGT’s “financial condition was just fine.” [2] at p. 23. Similar to the allegations against Horne, Plaintiffs aver that UMB Bank “allowed EGT to remain open as a grain dealer and warehouse” through its misrepresentations to MDAC. Id. They also allege that UMB Bank knew or should have known that EGT’s outstanding multimillion-dollar loan with UMB Bank was “non-performing” in June 2021. Id. On September 28, 2021, UMB Bank filed a Receivership Complaint against John Coleman, which forced EGT to file for bankruptcy the next day. In short, Plaintiffs allege that the timing of UMB Bank’s Receivership Complaint indicates a “scheme” to seize Plaintiffs’ unpaid grain and recover its sale proceeds as collateral, given the bank’s prior knowledge of EGT’s insolvency and

the agricultural industry as a whole. Id. at p. 26. Plaintiffs bring claims arising solely under state law, including aiding and abetting fraud, negligence, negligent misrepresentation, unjust enrichment, and tortious interference against both Defendants. They also bring those claims assigned to them by Dr. Michael Coleman against Horne including breach of contract and breach of implied duty of good faith and fair dealing. Horne removed the action to this Court on October 18, 2024, alleging that jurisdiction existed at the time of removal because (1) this lawsuit is a “mass action” under CAFA, (2) this lawsuit “relates to” a Chapter 11 bankruptcy and is a “core bankruptcy proceeding,” (3) and, alternatively, Horne, the only non-diverse defendant, was improperly joined. [1] at p. 5, 7.

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