Citizens Bank & Trust execs sued over non-payment

By Becky Yerak
Posted Aug. 30, 2010 at 2:43 p.m.

The brothers who helped run failed Citizens Bank & Trust Co. of Chicago are being sued in Cook County Circuit Court over an alleged non-payment of almost $1.6 million.

Delta Trading Co. of Chicago is suing Robert and George Michael for breach of contract.

It said that in January 2007, the brothers borrowed nearly $1.6 million from Marshall & Ilsley Bank. In June 2010, M&I assigned its rights under the note to Delta.

The brothers last made an interest payment in July 2009, said the lawsuit, which seeks a judgment of $1.55 million.

Neither Robert nor George’s lawyer couldn’t be reached for comment.

George recently sued the village of Lake Bluff and state officials in federal court over the revocation of the tax exemption on his home, seeking more than $10 million and alleging his family has been persecuted because of its Armenian heritage.

That 78-page lawsuit describes a family that sought respite for one member’s illness in a “dream” mansion along Lake Michigan. With his wife, Susan Michael, weakened by multiple sclerosis, Michael converted his racquetball court into an Armenian church in 2007 and hosted services for his family and brother, Robert Michael, a fellow plaintiff, according to the lawsuit.

Citizens Bank failed in April and was sold to Republic Bank of Chicago.

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