Continental Illinois settled a shareholder lawsuit.
The Chicago bank holding company said it will pay $17.5 million to resolve the final shareholder court action stemming from the company’s near-collapse and restructuring in 1984. U.S. District Judge Harry D. Leinenweber must approve the settlement of the class-action suit brought by Continental Illinois shareholders. The plaintiffs argued that they were victimized in the multibillion-dollar financial disaster stemming from Continental’s purchases of loans from Penn Square National Bank of Oklahoma City.
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