CHICAGO — A Cook County capital funding company is suing a Montana accounting firm for more than $5 million, claiming the defendant provided false information about the net worth of a borrower who defaulted on a loan from the Illinois company.
BCL-Capital Funding LLC is suing Rudd & Company PLLC, citing alleged fraud, negligent misrepresentation and violation of the Illinois Consumer Fraud and Deceptive Practices Act.
BCL-Capital Funding, based in Cook County, filed a complaint on Feb. 19 in Cook County Circuit Court, alleging that the Montana-based Rudd & Company accounting firm knowingly or negligently misrepresented the net worth of one of its clients to be $47,221,000. The suit alleges that incorrect information about net worth helped the borrower get a loan in 2014 of $8.8 million from BCL-Capital Funding that was defaulted on.
The plaintiff holds Rudd & Company PLLC responsible for its damages because the defendant allegedly misrepresented the borrower's net worth, indicating that he was able to pay back the loan when, in fact, he couldn't. According to the suit, the Statement of Financial Condition from the defendant falsely indicated the borrower owned three personal residences, failed to disclose pending lawsuits against the borrower, and made other misrepresentations.
The plaintiff seeks the following: a judgment against the defendant in an amount in excess of $5 million, plus statutory interest and costs, punitive damages in an amount proven in trial, reasonable attorneys' fees, and other awards the court deems just and equitable. The plaintiff is represented by Glenn L. Udell and Glenn M. Kanter of Brown, Udell, Pomerantz & Delrahim, Ltd. in Chicago.
The Circuit Court of the Cook County, Illinois County Department, Law Division Case number 2016-L-001801