Courtney v. Pritzker

State: Illinois

Court: 1st District Appellate

Docket No: 1-07-1656 Rel

Case Date: 02/22/2010

Preview:First Division February 22, 2010

No. 1-07-1656 JOHN W. COURTNEY, MARY FOERNER, FRANCES T. LAX, LAWRENCE M. GREEN, ANNE MACKAY, as executor for the Estate of IRENE L. KORTAS, KENNETH NEWTON and DAVID PIECUCH, on behalf of themselves and all others similarly situated, ) ) ) ) ) ) ) ) Plaintiffs-Appellants, ) ) v. ) ) PENNY S. PRITZKER, THOMAS J. PRITZKER, ) ALVIN DWORMAN, COAST-TO-COAST FINANCIAL ) CORPORATION, NEAL T. HALLERAN, ) WILLIAM C. BRACKEN, MONTE KURS, ) NELSON L. STEPHENSON, GLEN MILLER, ) MARC A. WEISMAN, STEVEN MANN, ) WALTER F. RUSNAK and ERNST & YOUNG LLP, ) ) Defendants-Appellees. ) Appeal from the Circuit Court of Cook County

No. 06 CH 02085

Honorable Philip L. Bronstein Judge Presiding

PRESIDING JUSTICE HALL delivered the opinion of the court: This suit is brought by a class of former depositors of Superior Bank FSB (Superior Bank), who lost money on deposits exceeding the $100,000 federally insured limit when the bank failed and was placed in receivership by the Federal Deposit Insurance Corporation (FDIC). Suit was filed against several

defendants: the bank's officers and directors; the bank's auditor, Ernst & Young LLP; as well as the bank's holding company, Coast-to-Coast Financial Corporation (CCFC), and several of CCFC's principals, which included Penny S. Pritzker, Thomas J.

No. 1-07-1656 Pritzker, and Alvin Dworman.1 Plaintiffs filed their initial complaint in the circuit court in January 2002. In the complaint, they alleged violations

of the Illinois Consumer Fraud and Deceptive Business Practices Act (Consumer Fraud Act) (815 ILCS 505/1 et seq. (West 2002)), and the Illinois Public Accounting Act (Accounting Act) (225 ILCS 450/0.01 et seq. (West 2000)). Defendants removed the matter to

the federal district court after plaintiffs amended the complaint by adding a federal civil claim under the Racketeer Influenced and Corrupt Organizations Act (RICO) (18 U.S.C.

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