High Court Rebuffs InBank Borrowers' Suit Against Successor

Law360, New York (October 21, 2013, 1:24 PM EDT) -- Borrowers who claim InBank charged them the wrong interest rates were rebuffed Monday by the U.S. Supreme Court, which refused to review the Seventh Circuit's finding that they couldn't sue the defunct bank's successor and should have gone through the Federal Deposit Insurance Corp.'s administrative claims process.

The Seventh Circuit had found that the federal courts didn't have jurisdiction because the borrowers' class action claims were rooted in the prereceivership actions by InBank, not its successor, MB Financial Bank NA, and the borrowers hadn't utilized the...
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