Regions Bank sues over unpaid loan

Kelly Holleran Aug. 27, 2012, 11:36am

A bank claims a Madison County man has failed to repay the more than $60,000 he borrowed.

Regions Bank filed a lawsuit Aug. 20 in Madison County Circuit Court against Abid Ali.

In its complaint, Regions alleges it lent Ali $60,000 in an equity asset line agreement on Sept. 27, 2006. However, the bank has not received a payment from Ali since Dec. 29, 2011, according to the complaint.

Although Regions has demanded the remaining money be repaid, Ali has refused to do so, the suit states.

Ali owes Regions $63,806.59, the complaint says.

In its complaint, Regions seeks the money it says Ali owes it, plus interest at 3.25 percent, attorney's fees of at least $450 and costs.

Weltman, Weinberg and Reis Company of Chicago will be representing it.

Madison County Circuit Court case number: 12-L-1315.

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