A bank is suing a dissolved company, seeking more than $350,000 for an allegedly unpaid loan.
FirstMerit Bank N.A., as successor in interest to Midwest Bank and Trust, filed a lawsuit July 1 in the Cook County Circuit Court against PAK Associates Inc., Aqeel Yusuf and Mohammad F. Siddiqui, alleging breach of contract.
According to the complaint, PAK Associates on Jan. 5, 2010 executed a promissory note with Yusuf and Siffiqui as guarantors, in which they agreed to pay an indebtedness of $385,804. FirstMerit claims it subsequently purchased loans held by Midwest Bank and that PAK has failed to pay the loan back.
The bank is seeking the $376,022 it claims the defendants still owe, plus attorney's fees, and is being represented by attorneys at Burke & Handley P.C. in Downers Grove.
Cook County Circuit Court Case No. 2014L006910.
This is a report on a civil lawsuit filed in the Cook County Circuit Court. The details in this report come from an original complaint filed by a plaintiff. Please note, a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt, and it only represents one side of the story.
Bank sues PAK Associates for breach of contract, claims company owes more than $350K
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