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ChicagoBreakingNews com 03-23-2009 (First Suburban)

ChicagoBreakingNews com 03-23-2009 (First Suburban)

Vrdolyak claims bank overcharged interest for loans

March 23, 2010 7:22 PM –William Lee

As if facing possible jail time wasn’t enough for former Ald. Ed Vrdolyak, his attorneys say he was also overcharged thousands of dollars in interest by his bank for years.

In a lawsuit filed in Cook County Circuit Court, Vrdolyak claims that First Suburban National Bank broke state law by overcharging him and other customers in inflated interest payments on loans taken out from the bank. Vrdolyak had been overcharged for loans he’d secured between 2002 and 2009, the suit claims.

The suit is seeking class action status, claiming that customers for the bank with branches in Broadview, Crestwood, Glendale Heights and Maywood were also overcharged.

Vrdolyak’s attorney, Thomas Zimmerman Jr., said any damages awarded in the case could skyrocket because the particular state laws that the bank violated allow for damages to be doubled in each instance.

“It’s significant money when you consider all of the bank’s customers and this is a class action suit, so we’re talking about millions of dollars that Mr. Vrdolyak is seeking to recover in interest overpayments for all of the bank’s customers, not just for himself,” Zimmerman said. Zimmerman said it wasn’t clear exactly how much money Vrdolyak believes he was overcharged, but estimates it to be in the thousands.

Officials with the bank’s parent corporation, First Suburban Bancorp, couldn’t be reached for comment Tuesday.

Vrdolyak is currently awaiting re-sentencing in federal court in connection to a scheme to receive a $1.5 million payoff in a $15 million real estate deal.

The suit seeks unspecified compensatory and punitive damages for Vrdolyak and all class members, as well as court and attorney fees.


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