Home Foreclosure 7th Circle Will not revive RICO claims of loan foreclosure

7th Circle Will not revive RICO claims of loan foreclosure

By Lauraann Wood (April 11, 2022, 9:05 p.m. EDT) — Developers who failed to repay a $1.6 million home loan have been properly barred from pursuing civil racketeering lawsuits against the lending bank and its lawyers for allegedly forged documents they used to garnish the loan, the Seventh Circuit said.

The district court correctly dismissed the developers’ claims under the Racketeer Influenced and Corrupt Organizations Act against American Enterprise Bank, Levine Kellogg Lehman Schneider & Grossman LLP and sole practitioner Ray Garcia because their claims were subject to a window of four years that had closed by the time they sued in 2020, the appeals court said in a landmark opinion on Thursday.

Developers should have…

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