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Jackson v. Resolution GGF Oy, 136 F.3d 1130 (7th Cir. 1998)

Ruling on a matter of first impression, the Seventh Circuit affirmed the district court’s decision and applied for the first time the good faith exception of the Illinois Interest Act.  The Seventh Circuit, ruling in favor of VBLH&C’s clients (an originating lender and various assignees), agreed that, even if the defendants’ actions violated the Illinois Interest Act, those actions had been taken in good faith reliance on an opinion of the Illinois Department of Financial Institutions.
 
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