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BUSINESS
September 12, 2001 | From Reuters
U.S. bank regulators Tuesday blamed the wealthy owners of Chicago's Superior Bank for its costly recent failure, whereas a banking analyst said the supervisors themselves should shoulder much of the blame. The comments came in testimony prepared for, but not delivered to, a Senate Banking Committee hearing. The hearing was suspended as congressional office buildings were evacuated in the aftermath of the day's terror attacks. The $1.
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BUSINESS
November 2, 2002 | From Reuters
Bank regulators sued accounting firm Ernst & Young on Friday, alleging fraud, negligence and professional misconduct relating to audits of failed Chicago savings institution Superior Bank. The Federal Deposit Insurance Corp., in a lawsuit filed in the U.S. District Court for the Northern District of Illinois, sought $548 million in compensatory damages, plus punitive damages.
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BUSINESS
July 28, 2001 | MARCY GORDON, ASSOCIATED PRESS
Federal regulators Friday closed a Chicago-area thrift half-owned by the multibillionaire Pritzker family that has been battered by huge losses on loans to high-risk borrowers. The failure of Superior Bank is expected to cost the federal insurance fund an estimated $500 million, according to banking experts who have reviewed its operations. It would be one of the costliest failures of a U.S. financial institution. The Federal Deposit Insurance Corp.
BUSINESS
December 11, 2001 | E. SCOTT RECKARD, TIMES STAFF WRITER
In the biggest settlement ever extracted from owners of a failed savings and loan, the billionaire Pritzker family and its partner have agreed to pay federal regulators $460 million to help cover losses at an Illinois thrift that collapsed this summer after losing millions of dollars on high-risk loans. The agreement, announced Monday, resolves claims brought by the Federal Deposit Insurance Corp. against Superior Bank of Hinsdale, Ill., which in July became the largest U.S.
BUSINESS
August 1, 2001 | MARCY GORDON, ASSOCIATED PRESS
Problems at Superior Bank were detected by federal regulators as early as January 1999 and it then took nearly two years for the regulators and the Chicago-area thrift to work out a plan for addressing its shortcomings, according to government officials and documents. The troubles at Superior, which was taken over by the government last Friday, were long wrapped in secret negotiations between regulators and bank managers. Superior's acknowledgment that assets had been overvalued by $117.
BUSINESS
November 2, 2002 | From Reuters
Bank regulators sued accounting firm Ernst & Young on Friday, alleging fraud, negligence and professional misconduct relating to audits of failed Chicago savings institution Superior Bank. The Federal Deposit Insurance Corp., in a lawsuit filed in the U.S. District Court for the Northern District of Illinois, sought $548 million in compensatory damages, plus punitive damages.
BUSINESS
August 3, 2001 | From Associated Press
The chairman of the Senate Banking Committee has asked federal agency watchdogs and congressional investigators to examine events surrounding the failure of Superior Bank, which is expected to cost the deposit insurance fund some $500 million. Sen. Paul Sarbanes (D-Md.) said the collapse of the Chicago-area thrift raises concerns about its high-rate mortgage and auto loans to borrowers with tarnished credit and the reliability of its accounting methods.
BUSINESS
December 11, 2001 | E. SCOTT RECKARD, TIMES STAFF WRITER
In the biggest settlement ever extracted from owners of a failed savings and loan, the billionaire Pritzker family and its partner have agreed to pay federal regulators $460 million to help cover losses at an Illinois thrift that collapsed this summer after losing millions of dollars on high-risk loans. The agreement, announced Monday, resolves claims brought by the Federal Deposit Insurance Corp. against Superior Bank of Hinsdale, Ill., which in July became the largest U.S.
BUSINESS
September 7, 2001 | MARCY GORDON, ASSOCIATED PRESS
Federal regulators are moving to establish rules for high-risk lending by banks and thrifts, and examiners are keeping a sharp eye on troubled institutions, the head of the government's thrift agency said Thursday. The rules might have prevented the failure of Superior Bank, a $1.8-billion thrift in the Chicago area battered by huge losses on mortgage loans to high-risk borrowers. The thrift was seized by federal regulators July 27 and is operating under government control.
BUSINESS
July 14, 2004 | From Associated Press
A three-judge panel in Chicago has ruled that a $2-billion federal lawsuit against Ernst & Young in connection with the failure of a Chicago savings and loan in 2001 is without merit. The lawsuit, brought by the Federal Deposit Insurance Corp., accused accounting giant Ernst & Young of fraud and negligence in misstating Superior Bank's assets. New York-based Ernst & Young blamed Superior's collapse on its board of directors and the slumping economy in 2001.
BUSINESS
September 12, 2001 | From Reuters
U.S. bank regulators Tuesday blamed the wealthy owners of Chicago's Superior Bank for its costly recent failure, whereas a banking analyst said the supervisors themselves should shoulder much of the blame. The comments came in testimony prepared for, but not delivered to, a Senate Banking Committee hearing. The hearing was suspended as congressional office buildings were evacuated in the aftermath of the day's terror attacks. The $1.
BUSINESS
September 7, 2001 | MARCY GORDON, ASSOCIATED PRESS
Federal regulators are moving to establish rules for high-risk lending by banks and thrifts, and examiners are keeping a sharp eye on troubled institutions, the head of the government's thrift agency said Thursday. The rules might have prevented the failure of Superior Bank, a $1.8-billion thrift in the Chicago area battered by huge losses on mortgage loans to high-risk borrowers. The thrift was seized by federal regulators July 27 and is operating under government control.
BUSINESS
August 3, 2001 | From Associated Press
The chairman of the Senate Banking Committee has asked federal agency watchdogs and congressional investigators to examine events surrounding the failure of Superior Bank, which is expected to cost the deposit insurance fund some $500 million. Sen. Paul Sarbanes (D-Md.) said the collapse of the Chicago-area thrift raises concerns about its high-rate mortgage and auto loans to borrowers with tarnished credit and the reliability of its accounting methods.
BUSINESS
August 1, 2001 | MARCY GORDON, ASSOCIATED PRESS
Problems at Superior Bank were detected by federal regulators as early as January 1999 and it then took nearly two years for the regulators and the Chicago-area thrift to work out a plan for addressing its shortcomings, according to government officials and documents. The troubles at Superior, which was taken over by the government last Friday, were long wrapped in secret negotiations between regulators and bank managers. Superior's acknowledgment that assets had been overvalued by $117.
BUSINESS
July 28, 2001 | MARCY GORDON, ASSOCIATED PRESS
Federal regulators Friday closed a Chicago-area thrift half-owned by the multibillionaire Pritzker family that has been battered by huge losses on loans to high-risk borrowers. The failure of Superior Bank is expected to cost the federal insurance fund an estimated $500 million, according to banking experts who have reviewed its operations. It would be one of the costliest failures of a U.S. financial institution. The Federal Deposit Insurance Corp.
BUSINESS
December 29, 2004 | From Associated Press
The billionaire Pritzker family, which co-owned a suburban Chicago bank that failed three years ago, appears set to receive tens of millions of dollars in a settlement involving the bank's collapse. Investigators for the U.S. Treasury, the Federal Deposit Insurance Corp. and Congress blamed risky business strategies by Superior Bank's management for the collapse, but they also cited failures on the part of Superior's outside auditing firm, Ernst & Young.
BUSINESS
December 25, 2004 | From Associated Press
Accounting firm Ernst & Young agreed to pay $125 million to the Federal Deposit Insurance Corp. over the collapse of a Chicago bank three years ago, the FDIC said. Superior Bank FSB's failure cost the FDIC about $700 million, making it one of the largest federally insured financial institutions to fail in a decade.
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