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KOOS v. FIRST NATIONAL BANK OF PEORIA

No. 73-1694.

496 F.2d 1162 (1974)

Elmo E. KOOS, Sr. and Caroline M. Koos, Plaintiffs-Appellants, v. FIRST NATIONAL BANK OF PEORIA, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided May 17, 1974.

Attorney(s) appearing for the Case

John F. Sloan, Peoria, Ill., for plaintiffs-appellants.

Carroll Baymiller, Peoria, Ill., for defendant-appellee.

Before SWYGERT, Chief Judge, KILEY, Senior Circuit Judge, and CUMMINGS, Circuit Judge.

CUMMINGS, Circuit Judge.

The two named plaintiffs filed a class action complaining that the defendant bank was charging usurious interest. The gravamen of the complaint was that defendant was charging them in excess of the 8 per cent rate of interest permissible under the Illinois Usury Law. Ill. Rev.Stats.1973, ch. 74, § 4. The National Bank Act provides for the recovery of twice the amount of interest illegally charged, but contains a two-year statute of limitations...

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