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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