MB Financial Seeks Toss Of $400M False Claims Act Suit

By Jon Hill (December 14, 2020, 10:05 PM EST) -- Former MB Financial urged a New York federal court on Monday to dismiss a whistleblower suit accusing the bank of obtaining $400 million in misbegotten reimbursements from federal regulators after taking on loans from a failed Chicago bank, arguing the case is riddled with legal and factual flaws.

Unsealed in July after federal prosecutors declined to intervene, real estate borrower Lee Moncho's False Claims Act suit was filed on behalf of the Federal Deposit Insurance Corp. in 2014 and stems from the agency's 2010 takeover of Broadway Bank, whose assets MB Financial Bank NA stepped in to acquire in a deal...

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