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Two property developers conspired with the president of a now-shuttered Chicago bank to embezzle millions in funds through purported real estate loans they had no intention of paying back and instead used the money for their own personal expenses, prosecutors told an Illinois federal jury on Monday.
The Seventh Circuit kicked off its new term Thursday with arguments from two former Merrill Lynch traders convicted of a scheme to submit thousands of false orders on gold and silver futures who contend their wire fraud convictions violated their due process because the public was not given fair notice the practice was criminal.
The Seventh Circuit on Wednesday threw out a $57 million attorney fee award in a $181 million deal for chicken buyers in sprawling antitrust litigation, saying that the district court failed to consider bids made by class counsel in auctions in other cases and fee awards in different circuits.
An Illinois attorney has filed a countersuit in an employee benefit fund administrator's federal benefits litigation alleging he failed to disclose conflicts of interest and recommended unlawful transactions that triggered a federal investigation, arguing the fund and its managers were to blame for its mismanagement.
An Illinois federal judge has dismissed a named plaintiff's claim in a suit brought by a proposed class of F-150 drivers alleging that Ford Motor Co. installed faulty transmissions in their vehicles, sanctioning him for spoliation of evidence for trading in his truck with no notice to Ford, nearly two years into the litigation.