Suit seeks recovery of $150k loan

Kelly Holleran Dec. 29, 2009, 3:52am

A St. Clair County woman says she has not been reimbursed for $150,000 she loaned to a Sangamon County woman and her brother.

Betty Chai Chu filed a lawsuit Dec. 16 in St. Clair County Circuit Court against Chao Lin Liu and Chun Hsia Liu.

Chu claims she agreed to loan Chao Lin Liu $150,000 in January 2009. In actuality, the loan went to Chun Hsia Liu, Chao Lin Liu's brother, who agreed to provide Chu certain business contacts to further a prospective business opportunity, according to the complaint. In the event that Chun Hsia Liu failed to repay Chu the money, Chao Lin Liu agreed to reimburse Chu.

"Per the agreement of the parties, plaintiff agreed to loan to defendant sums of money, agreed to loan to defendant certain sums of money for the purchase of a vehicle, agreed to provide to defendant a credit card for certain expenses, all of which defendant agreed to pay back to plaintiff," the suit states. "In exchange for the aforementioned loans, defendant, either on his own accord or at the request or for the benefit of, American Products International, agreed to produce $1 million in revenue with 10 percent profit per month, and business contacts with American Products International, via his relationship with, or as a representative of American Products International."

Despite Chu's repeated requests, however, Chao Lin Liu and Chun Hsia Liu have failed to repay her the money, have failed to produce the $10 million in revenue per month and have failed to produce any business relationships for Chu, the complaint says.

In addition to the money she says the Lius owe her, Chu seeks pre- and post-judgment interest, costs and other relief the court deems just.

Patrick R. Foley of Williams, Caponi, Foley and Eckert in Belleville will be representing her.

St. Clair County Circuit Court case number: 09-L-677.

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