Originally written on The Victory Formation  |  Last updated 11/19/14

After retiring from the NFL in 1997, Jim McMahon spent six years on the board of Broadway Bank in Illinois. The bank made a number of bad loans, and was shuttered by the FDIC in 2010. Now, the FDIC has personally listed McMahon in a lawsuit that seeks to recover $104 million. The FDIC’s suit claims that “Despite his board responsibilities, McMahon repeatedly missed critical board meetings.”. Per the Chicago Sun-Times:

McMahon joined the bank’s board in 2003. That same year, McMahon’s Arena restaurant on Milwaukee Avenue near Glenview closed its doors, turning over its keys to its lender — Broadway Bank. The Giannoulias family now owns the vacant restaurant, which was built to resemble the old Chicago Stadium.

McMahon resigned from the bank board on Dec. 22, 2008, months after federal bank regulators had begun questioning Broadway’s lending practices.

Of the 17 loans that form the basis of the FDIC suit, McMahon voted to approve only one, a $28 million condo development in Miami, which resulted in the bank taking a $19.5 million loss.

Between this lawsuit and the suit that McMahon has joined with other former NFL players against the league, the former Super Bowl winning QB for the Chicago Bears could be spending a lot of time in a courtroom in the near future.

(Chicago Sun-Times)


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