PrivateBancorp Inc., which hired dozens of former LaSalle Bank lenders in hopes of becoming the Chicago area’s top middle-market business financier, has been hit with a shareholder lawsuit saying  it routinely sacrificed loan quality for quantity as it aggressively ramped up growth.

The suit, which seeks class-action status,  was brought by the City of New Orleans Employees’ Retirement System.  It’s represented by New York law firm Bernstein Litowitz Berger & Grossmann LLP. Get the full story »