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PrivateBancorp Inc., which hired dozens of former LaSalle Bank lenders in hopes of becoming the Chicago area’s top middle-market business financier, has been hit with a shareholder lawsuit saying it routinely sacrificed loan quality for quantity as it aggressively ramped up growth.
The suit, which seeks class-action status, was brought by the City of New Orleans Employees’ Retirement System. It’s represented by New York law firm Bernstein Litowitz Berger & Grossmann LLP. Get the full story »
A federal jury says FedEx must pay $66 million to now-defunct ATA Airlines, saying the package delivery company broke a contract that ultimately pushed ATA into bankruptcy. Get the full story »
A 2009 lawsuit filed against the owner of Chicago-based Park National Bank by a consortium of large banks has ended with a consent judgment requiring it to pay $264.2 million.
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A bankruptcy judge on Friday granted Tribune Co.’s official committee of unsecured creditors authority to make the opening moves in long-threatened litigation over the 2007 leveraged buyout blamed for the media company’s tumble into Chapter 11.
Judge Kevin Carey said he would sign off on an order acknowledging the official committee is the proper body to bring claims against lenders, executives and other leaders of the embattled media company, as well as advisers who reaped millions in fees from the LBO. Get the full story »
Waukegan-based slot machine maker WMS Industries Inc. said its gaming unit filed a patent infringement lawsuit against a unit of smaller rival Bally Technologies Inc., seeking injunctive relief and unspecified damages.
Several of Bally Gaming’s products, including its Cash Spin product, infringe WMS patents covering WMS’ Transmissive Reels gaming concept and technology, WMS said in a statement. Get the full story »
From Bloomberg | Chicago attorney Erwin Mayer has pleaded guilty to conspiracy and tax evasion charges for his role in a billion-dollar phony tax-shelter scheme that brought down his law firm in 2007.
Home and auto insurer Allstate Corp said on Monday it will pay 45 states a $10 million settlement after a review found it was inconsistent in the way it managed and used software to review bodily injury claims.
But the 18-month probe under the auspices of the National Association of Insurance Commissioners also found Allstate had not systemically underpaid claims, a finding that could have had much more serious implications. Get the full story »
Wal-Mart Stores Inc., the world’s largest retailer, on Friday said it was reviewing its options after a Canadian court ruled that a union properly won certification in a store in Saskatchewan. Get the full story »
Angelo R. Mozilo, who presided over the spectacular rise and devastating fall of Countrywide Financial Corp., struck a deal Friday to avoid going to trial next week on accusations of investor fraud and insider trading. Mozilo agree to pay $22.5 million in fines to the SEC and to turn over $45 million in ill-gotten gains to former shareholders who have sued him.
A proposed settlement between Steven Rattner, the former head of the U.S. auto task force, and the Securities and Exchange Commission over a pension corruption scheme was unexpectedly pulled from Thursday’s calendar, one source with knowledge of the matter said Thursday. Get the full story »
The American Medical Association has been sued for using a girl’s image without authorization and in a false light in a marketing campaign launched in 2007, aimed at motivating politicians to tackle the issue of Americans without health insurance.
One of AMA’s print advertisements featured a girl named “Toya.” The ad says that Toya has a “severe” problem but her parents can’t afford health insurance. The same picture of Toya was featured on the AMA’s web site under a section called “stories of the uninsured.”
A Cook County lawsuit filed Friday said that Toya is China Travis, a girl from the Chicago area who has done some modeling. Her mother, Angela Wonsey, claims the ad is misleading and defamatory because Travis does not have a severe health problem and both of them are not “uninsured.” Get the full story »
More than 50 lawsuits against officers and executives of failed banks have been authorized by the Federal Deposit Insurance Corp. as the agency tries to recoup more than $1 billion in losses from the credit crisis, Bloomberg News reported Friday. Get the full story »
The Illinois attorney general sued Enbridge Inc.’s U.S. affiliate Enbridge Energy Partners Thursday, as the state seeks to have the company pay the costs to clean up an oil pipeline spill last month.
Atty. Gen. Lisa Madigan and James Glasgow, the state’s attorney for Will County, filed an eight-count complaint against the company. Get the full story »
Motorola’s mobile devices and TV set-top box subsidiary is suing Apple for patent infringement, alleging that its California-based rival is illegally using Motorola technology in many of its core products and services, including the iPhone and the App Store.
Motorola Mobility, the subsidiary, filed complaints in the Northern District of Illinois and the Southern District of Florida, as well as with the U.S. International Trade Commission. The company said the complaints involve 18 patents relating to “early-stage innovations developed by Motorola” that can be found in the iPhone, iPad, iPod Touch and some Mac computers. The patents cover such technologies as antenna design, wireless e-mail and location-based services, Motorola said. Get the full story »
