Bank sues PAK Associates for breach of contract, claims company owes more than $350K

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.