FDIC targets ex-Chicago Bears QB in bank suit

Feds name Jim McMahon in suit aiming to recover $104 million from bad loans

The federal government just tackled beloved former Chicago Bears quarterback Jim McMahon.

Yesterday, the Chicago Sun-Times reported that the Federal Deposit Insurance Corp. (FDIC) has named McMahon in a lawsuit in which it seeks to recover $104 million in losses stemming from 17 bad loans that Broadway Bank made before the FDIC shut it down in April 2010. McMahon was a Broadway Bank board member from 2003 to 2008, when regulators began examining the bank’s lending practices. The suit, which the government filed last month, also names six other former bank directors and two former executives.

Ashley Post

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