Loan provider sues Chicago attorney, claims he owes thousands

By Bethany Krajelis | Jul 16, 2013

A loan provider has sued a Chicago attorney, claiming he owes it at least $110,000.

Suisse Bancorp Inc. filed a lawsuit earlier this month in the Cook County Circuit Court against Albert Brooks Friedman, who practices with a firm bearing his name at 161 N. Clark St.

The two-count complaint asserts that Suisse Bancorp made five loans to Friedman and that he has failed to pay back any of the money he borrowed in breach of the parties’ written contract.

Friedman, the suit notes, took three loans – two for $25,000 and one for $30,000 --- in 2007 and two $15,000 loans in 2008 from Suisse Bancorp. All five loans carried a one-year term and a 45-percent Annual Percentage Rate (APR).

The total current amount due on Friedman’s five loans is slightly more than $924,000, according to the  suit that seeks a judgment for the loans’ principal amount of 110,000, plus all of the accrued interest, late charges and attorneys’ fees and costs.

In addition to the breach of contract count, the suit includes a count for quantum meruit and restitution for unjust enrichment.

Timothy Snyder of Snyder & Associates in Hinsdale submitted the suit on Suisse Bancorp’s behalf.

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