Bank Sues NJ Lawmaker For $3.6M Over Defaulted Loans

Law360, New York (August 23, 2012, 6:47 PM EDT) -- Oritani Bank on Monday hit a New Jersey state lawmaker recently charged with writing nearly $400,000 in bad checks to investors with seven lawsuits seeking nearly $3.6 million over alleged loan defaults.

Six of the complaints in Bergen County Superior Court allege that companies controlled by Assemblyman Robert Schroeder, a Republican, defaulted on about $2.4 million in commercial mortgage loans from the Washington Township, N.J.-headquartered bank. Schroeder himself guaranteed those loans and owes more than $2.1 million, Oritani contends.

Oritani further claims in another complaint that...
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