Cook County Record

Tuesday, April 7, 2020

Man claims Kemp & Grzelakowski owe $7.5 million for alleged bad loan advice

By Jenie Mallari-Torres | Jul 17, 2018

Law money 10

CHICAGO — A man is suing law firm Kemp & Grzelakowski Ltd. and James Kemp, citing alleged legal malpractice.

Musa Tadros filed a complaint June 26 in Cook County Circuit Court, alleging the defendants advised him to accept a stock pledge as collateral for a $7.5 million loan requested by Seaway Bancshares Inc. However, the plaintiff claims Seaway defaulted on the loan and never repaid any part of it, and the stock pledge became worthless because Tadros has no claim to the debtor's real estate holdings. 

Tadros said the defendants should be held responsible for his monetary loss because they allegedly failed to advise him of the limitations of using the stock pledge as collateral for the loan and failed to exercise reasonable skill in advising plaintiff on the loan or mitigating his risks.

The plaintiff requests a trial by jury and seeks a judgment in the amount of $7.5 million, plus interest and costs of the lawsuit. He is represented by Marty Schwartz of Schain Banks Kenny & Schwartz Ltd. in Chicago.

Cook County Circuit Court case number 18-L-6622

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Organizations in this Story

Schain BanksKemp & GrzelakowskiCircuit Court of Cook County