A Spokane woman’s quest to cash in on a small investment her father made for her 40 years ago has turned into a federal lawsuit against a bank with a track record of failing to honor old bonds.
Heather Carlon, 56, of Spokane, said her father approached her in 2019 to remind her that he had purchased a bond as an investment on Sept. 12, 1980, from a Rainier Bank branch in Medical Lake.
The bond wasn’t worth much – $138.56 – but the interest listed on the note was 11.25% and its value should have grown considerably over the course of 39 years.
“After that, I started trying
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