A recent Fifth Third Bank lawsuit against a struggling Franklin-based software company was dismissed Thursday in U.S. District Court in Nashville.
The Ohio-headquartered bank had filed a complaint July 11 against Smart Data Strategies, a 24-year-old mapping software company, as well as its subsidiary Technology Distributors Inc. and its CEO, Susan Marlow. According to the complaint, the companies entered into a number of loan agreements with the bank between 2007 and 2013 and still had $810,000 outstanding at the time of the filing.
The suit called for Smart Data to pay that balance plus interest and fees and alleges the company has lost more than $760,000 this year, owes more than $1 million to creditors and was issued a tax lien by the Internal Revenue Service for almost $62,000.
Additionally, the bank filed for a temporary restraining order against the company, claiming Smart Data was holding more than $200,000 in accounts at other banks, breaching a 2013 amendment to the company’s loan agreement that specified Fifth Third as the principal depository bank for all three defendants.
That restraining order was overturned last week along with the case’s dismissal, which was signed by both parties and ordered by Judge Todd Campbell. Attorneys for Fifth Third declined to provide details about the settlement. Attorneys for Smart Data could not be reached.