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JPMorgan Chase Seeks To Limit Scope Of Peregrine Trustee's Investigation

CHICAGO - JPMorgan Chase Bank N.A. filed a brief in the U.S. Bankruptcy Court for the Northern District of Illinois on Aug. 6 opposing a motion by the trustee in the Chapter 7 bankruptcy of Peregrine Financial Group Inc., arguing that the trustee should ...read more

Federal Judge: Plaintiff Sufficiently Alleged Consumer Protection Act Claim

CHICAGO - A federal judge in Illinois on Aug. 7 denied dismissal of a Telephone Consumer Protection Act (TCPA) 47 U.S.C.S. § 227 claim, finding that a consumer has standing to bring the suit and that her allegations that a debt collector used an ...read more

Receiver In Commodities Suit Against Bankrupt Peregrine Seeks To Abandon Assets

CHICAGO - The receiver appointed in the lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) on Aug. 6 moved in the U.S. District Court for the Northern District of Illinois for an order permitting him to surrender and/or abandon aircraft ...read more

Federal Judge Says Chase Is Entitled To Equitable Lien

CHICAGO - A federal judge in Illinois on Aug. 7 partially granted JPMorgan Chase Bank's (Chase) motion for partial summary judgment in an action in which a consumer sued to quiet title in real estate, finding that Chase is entitled to an equitable ...read more

Defendants Win Summary Judgment In ATM Fees Notice Case

CHICAGO - A federal judge in Illinois on Sept. 17 granted a bank and an ATM owner and operator's motion for summary judgment in a putative class action that alleges that the defendants violated the Electronic Funds Transfer Act's (EFTA) 15 U.S ...read more

Federal Judge Allows Action Against Collection Agency To Continue

CHICAGO - A federal judge in Illinois on Sept. 24 denied a collection agency's motion for summary judgment in a Fair Debt Collection Practices Act (FDCPA) 15 U.S.C.S. §§1692 et seq. suit, ruling that the plaintiff consumers have raised genuine ...read more

FirstMerit Bank Wins Summary Judgment In Breach Of Guaranty Case

CHICAGO - FirstMerit Bank NA, as the successor to the failed Midwest Bank and Trust Co., is entitled to payments from people who breached their personal guarantees on a commercial loan, a federal judge in Illinois ruled Oct. 22 ( FirstMerit Bank, NA v ...read more

Mealey's Bankruptcy Bulletin: U.S. Supreme Court Agrees to Hear "Defalcation" Bankruptcy Case

WASHINGTON, D.C. - The U.S. Supreme Court today agreed to hear a case to determine whether a defalcation was committed by a debtor who, prior to filing for bankruptcy, had been appointed the trustee of his father's life insurance trust and took out ...read more

Judge Rules On Affirmative Defenses In Failed Bank Suit

CHICAGO - An Illinois federal judge on Nov. 15 granted in part and denied in part the Federal Deposit Insurance Corp.'s motion to strike affirmative defenses in a suit it filed against the former officers of the failed Wheatland Bank alleging, among ...read more

Judge Dismisses Suit Against Abbott Laboratories' Directors And Officers

CHICAGO - A federal judge in Illinois dismissed a shareholder derivative lawsuit against directors and officers of Abbott Laboratories on Nov. 15, finding that the plaintiffs failed to show that presuit demand would have been futile ( In re Abbott Depakote ...read more

7th Circuit: Rule Of Reason Applies To Sulfuric Acid Antitrust Class Action

CHICAGO - A federal judge in Illinois properly concluded that shutdown agreements between Canadian and American producers of sulfuric acid were subject to the rule of reason rather than per se theory of liability on the American producers' class claims ...read more

Federal Judge: Settlement Between Debtor, Insurance Carrier Proper

CHICAGO - A federal judge in Illinois on Jan. 10 ruled that an insurance settlement between a debtor and one of its insurers related to asbestos coverage was proper despite a separate insurer's contention that the settlement would increase its own ...read more

Directors And Officers: Shareholders Failed To Prove Presuit Demand Futility

CHICAGO - A company's directors and officers said in an Illinois federal court on Jan. 15 that two shareholders' derivative lawsuit should be dismissed because the shareholders allegedly failed to show that presuit demand upon the company's ...read more

Federal Judge Dismisses Counterclaims Against FDIC As Receiver For Failed Bank

CHICAGO - A federal judge in Illinois on Jan. 23 granted motions to dismiss a borrower's counterclaims in a mortgage foreclosure suit that the Federal Deposit Insurance Corp., as the receiver for a failed bank, filed against him, finding that the ...read more

Directors, Officers: Shareholder Failed To Show Demand Would Have Been Futile

CHICAGO - Directors and officers of a company being sued in a shareholder derivative lawsuit told an Illinois federal court on Feb. 19 that the suit against them should be dismissed because the shareholder failed to show that presuit demand upon the company's ...read more

Federal Judge Allows Third-Party Claims In Failed Bank Suit

CHICAGO - In a suit filed by the Federal Deposit Insurance Corp. as the receiver for a failed bank, a federal judge in Illinois on March 1 denied dismissal of a third-party complaint filed by the law firm that was retained by the bank, explaining that ...read more

Peregrine Trustee Wants To Examine Former Accountant Regarding CEO's Fraud

CHICAGO - The trustee in the Chapter 7 bankruptcy of former financial company Peregrine Financial Group Inc. on March 19 moved in the U.S. Bankruptcy Court for the Northern District of Illinois for authorization to examine Peregrine's former accountant ...read more

Plaintiffs Can Pursue Consumer Fraud Claim Over Loan Modification Evaluation

CHICAGO - A Chicago man and his grandmother can pursue claims that CitiMortgage Inc. violated the Illinois Consumer Fraud Act (ICFA) by failing to adequately evaluate their request for a loan modification, a federal judge in Illinois ruled March 26, explaining ...read more

Peregrine Trustee Seeks To Compel Financial Adviser To Produce Documents

CHICAGO - The trustee in the Chapter 7 bankruptcy of Peregrine Financial Group Inc. on March 25 moved in the U.S. Bankruptcy Court for the Northern District of Illinois to compel Halyard Capital Advisors LLC to produce documents pursuant to a subpoena ...read more

Directors And Officers Ask Judge To Dismiss Shareholder Derivative Complaint

CHICAGO - Directors and officers of a company told an Illinois federal judge on April 5 that they have corrected the alleged error complained about by a shareholder in a derivative suit and that, therefore, the suit should be dismissed (Jan Donnawell ...read more

Coalition: Peregrine Trustee's Compensation Application Is 'Inappropriate'

CHICAGO - The Commodity Customer Coalition Inc. (CCC) on April 15 filed a brief in the U.S. Bankruptcy Court for the Northern District of Illinois objecting to the Chapter 7 trustee's first interim application for more than $1.23 million in compensation ...read more

Judge Won't Certify Class Challenging Collection Practices Of Debt Collector

CHICAGO - A federal judge in Illinois on April 12 denied a consumer's motion to certify three classes of plaintiffs in a class action lawsuit challenging the collection practices of a debt collector, ruling that the consumer failed to show that class ...read more

Directors, Officers Rely On Business Judgment Rule Against Shareholder Complaint

CHICAGO - Directors and officers of a company claimed in an Illinois federal court on April 19 that they are protected from a shareholder's allegations under the business judgment rule (Frank Jeffers v. Retail Properties of America, Inc., et al., ...read more

Federal Judge Grants Protective Stay To FDIC In Failed-Bank Action

CHICAGO - A federal judge in Illinois on April 23 granted a protective order regarding confidential information to the Federal Deposit Insurance Corp., which, as the receiver for the failed Wheatland Bank sued OneBeacon Midwest Insurance Co. (OneBeacon ...read more

Magistrate Judge Grants Summary Judgment To Government In Student-Loan Suit

CHICAGO - A federal magistrate judge in Illinois on May 16 granted the U.S. government's motion for summary judgment in a student-loan collection suit and rejected the debtor's $50 million counterclaim, finding that a district court lacked subject ...read more