A Caseyville car dealer has filed a class action lawsuit against a St. Clair County bank for allegedly charging excessive interest rates on auto loans.
LDJ Investments Inc., on behalf of several others, filed the lawsuit against First Bank July 12 in St. Clair County Circuit Court.
According to the class action claim, LDJ agreed to a written loan arrangement with First Bank in April 2006. The contract allegedly contained the bank's standard loan forms and a promissory note that included an agreed upon annual interest rate. However, LDJ claims First Bank considered the loan to be of a commercial type and charged a higher interest rate than was specified in the promissory note.
LDJ accuses First Bank of breach of contract and asks to have the current loan balances lowered to compensate for fees or interest for which they were allegedly overcharged plus interest and court fees.
The proposed class is represented by attorneys Bernard Ysursa and Thomas R. Ysursa, of Belleville, Pat Ducey of Troy and Eric W. Evans of Granite City.
St. Clair County Circuit Court case no. 11-L-399.