CHICAGO - April 26, 2019 - illiNews -- Wintrust Inherits $18 Million Predatory Lending Lawsuit
After Buyout of Delaware Place Bank, Court Date Set
Chicago, Illinois - A Libertyville, Illinois historic pasta company that had been in operation since 1905 will finally have their day in court. Judge Daniel L. Jasica of the Lake County Illinois Chancery Courts division set a trial of February 24, 2020 in the case between Fould's, Inc. and Chicago-based Wintrust Bank. Wintrust inherited the six-year lawsuit when they purchased Delaware Place Bank in July of 2018.
The case stems from an alleged illegal seizure of $860,000 from Fould's deposit accounts on April 14, 2013, by Delaware Place Bank (DPB). Fould's, Inc. claims in their lawsuit that DPB breached their contracts and absconded the payroll and working capital funds that ultimately led to the demise of the more than a century-old family business.
"After six years of delays by our opponents in this case, Delaware Place Bank, Fould's may finally be able to hold accountable the parties that snatched away the livelihoods of all of our employees whose company was consumed by the greed of this bank," stated Bradley.
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The Bradley family of Libertyville has operated Fould's since 1971. According to regulatory filings over the last 5 years, both Delaware Place Bank and its holding company, Chicago Shore Corporation, were placed under onerous Written Consent orders by the FDIC. These consent orders publicly brandish the management of the bank and ultimately lead up to the sale of the bank to Wintrust.
"This is a case and a story about predatory lending, and a tiny, struggling bank blatantly abusing its customers for financial gain at the expense of a credible and historically significant business whose employees and families were devastated after its closing in the small town of Libertyville," Bradley said.
As a result of the purchase, Wintrust inherited both the assets and liabilities of the troubled DPB. Officials from Wintrust were contacted but had not yet responded at the time of this release.
Fould's was one of Lake County's oldest and proudest firms who began operations in Libertyville in 1905. Originally known as the Fould's Macaroni Company, the small-town company has employed thousands of Libertyville-area residents for over a century, many of whom enjoyed decades of service to the company and helped to launch and manufacture some of America's favorite pasta-related brands. Among them are Kraft Macaroni and Cheese, Fould's Noodles, Wacky MAC, No Yolks, Fould's Macaroni and Cheese, and dozens of others.
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Reference May 6, 2013, CBS Chicago Channel 2 Story – "Libertyville Pasta Company Celebrates 128 Years" https://chicago.cbslocal.com/2013/05/06/libertyville-pasta-company-celebrates-128-years/
After Buyout of Delaware Place Bank, Court Date Set
Chicago, Illinois - A Libertyville, Illinois historic pasta company that had been in operation since 1905 will finally have their day in court. Judge Daniel L. Jasica of the Lake County Illinois Chancery Courts division set a trial of February 24, 2020 in the case between Fould's, Inc. and Chicago-based Wintrust Bank. Wintrust inherited the six-year lawsuit when they purchased Delaware Place Bank in July of 2018.
The case stems from an alleged illegal seizure of $860,000 from Fould's deposit accounts on April 14, 2013, by Delaware Place Bank (DPB). Fould's, Inc. claims in their lawsuit that DPB breached their contracts and absconded the payroll and working capital funds that ultimately led to the demise of the more than a century-old family business.
"After six years of delays by our opponents in this case, Delaware Place Bank, Fould's may finally be able to hold accountable the parties that snatched away the livelihoods of all of our employees whose company was consumed by the greed of this bank," stated Bradley.
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The Bradley family of Libertyville has operated Fould's since 1971. According to regulatory filings over the last 5 years, both Delaware Place Bank and its holding company, Chicago Shore Corporation, were placed under onerous Written Consent orders by the FDIC. These consent orders publicly brandish the management of the bank and ultimately lead up to the sale of the bank to Wintrust.
"This is a case and a story about predatory lending, and a tiny, struggling bank blatantly abusing its customers for financial gain at the expense of a credible and historically significant business whose employees and families were devastated after its closing in the small town of Libertyville," Bradley said.
As a result of the purchase, Wintrust inherited both the assets and liabilities of the troubled DPB. Officials from Wintrust were contacted but had not yet responded at the time of this release.
Fould's was one of Lake County's oldest and proudest firms who began operations in Libertyville in 1905. Originally known as the Fould's Macaroni Company, the small-town company has employed thousands of Libertyville-area residents for over a century, many of whom enjoyed decades of service to the company and helped to launch and manufacture some of America's favorite pasta-related brands. Among them are Kraft Macaroni and Cheese, Fould's Noodles, Wacky MAC, No Yolks, Fould's Macaroni and Cheese, and dozens of others.
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Reference May 6, 2013, CBS Chicago Channel 2 Story – "Libertyville Pasta Company Celebrates 128 Years" https://chicago.cbslocal.com/2013/05/06/libertyville-pasta-company-celebrates-128-years/
Source: Fould's Inc.
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