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RYAN v. COSENTINO

No. 91 C 3725.

776 F.Supp. 386 (1991)

Walter E. RYAN, and Bernard McKay, Taxpayers for Themselves and all Others Similarly Situated, in the Name of and for the Benefit of the State of Illinois, Plaintiffs, v. Jerome COSENTINO, Treasurer, State of Illinois, and Cosmopolitan National Bank of Chicago, Fast Motor Service Inc., James E. Wells, Gerald J. DeNicholas and Alex M. Vercillo, Brown Leasing Company (formerly known as Capitol Leasing Co.) and Terry N. Brown, Defendants.

United States District Court, N.D. Illinois, E.D.

October 4, 1991.

Attorney(s) appearing for the Case

Clinton A. Krislov and Daniel J. Fumagalli, Fumagalli & Tecson, Ltd., Chicago, Ill., for plaintiffs.

William A. Spence and John E. Farrell, Freeborn & Peters, Chicago, Ill., for FDIC.

Jeffrey Schulman and Nancy L. Hirsch, Wolin & Rosen, Ltd., Chicago, Ill., for Alex M. Vercillo.

Robert P. Cummins and Kass A. Plain, Bickel & Brewer, Chicago, Ill., for Gerald J. DeNicholas.

Michael J. Hayes and Bart Murphy, Gardner Carton & Douglas, Chicago, Ill., for Jerome Cosentino.

Robert Haney and Scott Tuckman, Kwiatt & Silverman, Ltd., Chicago, Ill., for Brown Leasing Co. and Terry N. Brown.

Roger P. Flahaven, Asst. Atty. Gen., Chicago, Ill., for Treasurer Quinn.

MEMORANDUM OPINION AND ORDER

NORDBERG, District Judge.

This taxpayer action suit was brought in state court on August 16, 1990 against then state treasurer Cosentino and the Cosmopolitan National Bank of Chicago to recover interest the state allegedly lost when Cosentino deposited excessive state funds in non-interest-bearing accounts in return for loans to Cosentino's financially-troubled company. On January 11, 1991, Brown Leasing Company (formerly known...

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