The village will recoup $400,000 from the Foley-Rice Cadillac Dealership lawsuit brought in 2009.
A lawsuit filed by the village of Oak Park against the former Foley-Rice Cadillac dealership in 2009 has finally come to a close. In the settlement, approved by the village board on Nov. 19, the village will be able to recoup $400,000. According to the Chicago Sun-Times, the lawsuit was filed in October 2009 with the village seeking the repayment of $400,000 in tax increment financing funds, the return of $1,156,500 the village gave the dealership for its property at 722 W. Madison St. (as well as returning the property) and $200,000 in compensation to the village for the time spent on the lawsuit and attorney's fees. The settlement will still need approval from a judge on Nov. 28. Read the full story on the Chicago Sun-Times website here.
Years later, Bank of America's bid-rigging paves way for restitution.
Oak Park Elementary School District 97 is in line for an unexpected windfall, courtesy of settlement money doled out by Illinois Atty. Gen. Lisa Madigan. The cash stems from a 19-state, $67 million bid-rigging scheme engineered by Bank of America that defrauded public entities, like school districts and municipalities, in buying municipal bond derivatives from the banking giant, Madigan said in a news release. According to Madigan's office, an investigation into Bank of America and other financial institutions revealed, among other allegations, that the bank "conspired with financial institutions and brokers to orchestrate bids for [municipal bond derivatives,] circumventing the competitive bidding process" from 1998 t0 2003. Public …
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Oak Park Elementary School District 97
970 Madison St, Oak Park, IL
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