On July 17, 2018, Joseph Schwartz and Rosie Schwartz were ordered to pay $23,540,471,089 in a ruling in U.S. District Court in the Northern Illinois District.
The court ruled that the Schwartzes owed CIBC Bank of Chicago $23 million because they defaulted on loans from the bank.
The complaint filed on March 23, 2018 said CIBC loaned the Schwartzes and several tiers of owners $45.6 million to buy nine skilled nursing homes on Sept. 16, 2016.
CIBC also provided another $6 million in operating credit on Sept. 26, 2016.
In less than a year, the Schwartzes and other owners had failed to provide to CIBC required financial statements as part of the loan. CIBC filed a default notice on Aug. 11, 2017, the complaint said.
The Schwartzes and CIBC reached an agreement on the payback of the loan and credit line as of Dec. 21, 2017, but that did not happen, the complaint said.
To read more about the case, see the links below.