Bakersfield-based Calcot Ltd. faces a federal lawsuit from a Dallas bank over a $15 million loss.

The cotton grower cooperative responded to the lawsuit by saying its claims are without merit.

The big picture: Vista Bank, based out of Dallas, has sued Calcot for allegedly violating the bank’s legal rights over proceeds from a cotton sale. • Vista alleges Calcot knew the bank had senior secured lien rights to cotton sold on behalf of board member Connor Wilmeth and others, with the cotton serving as collateral for Vista. • The lawsuit claims Calcot used the cotton to secure federal marketing assistance loans, then distributed the loan proceeds to Connor and Ashley Wilmeth, along with Wilmeth Farms LLC and TMR Custom Farming LLC, both Texas-based entities. • Vista Bank says this seri

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