Interest Rate Suit Belongs In Court, Not FDIC, 7th Circ. Hears

Law360, Chicago (April 11, 2012, 4:26 PM EDT) -- Borrowers and guarantors of loans from now-defunct InBank should be able to pursue their putative class action over the bank's allegedly deceptive loan interest rate practices in court and not through the Federal Deposit Insurance Corp.'s administrative process, their lawyer told the Seventh Circuit on Wednesday.

The plaintiffs are appealing an Illinois federal court's dismissal of the suit they first filed against InBank in state court and then redirected at MB Financial Bank NA — which bought their loans after InBank failed — alleging that InBank...
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