Rosenberger v. Meltzer, Purtill & Steelle, LLC

2021 IL App (1st) 200414-U
CourtAppellate Court of Illinois
DecidedMarch 12, 2021
Docket1-20-0414
StatusUnpublished
Cited by1 cases

This text of 2021 IL App (1st) 200414-U (Rosenberger v. Meltzer, Purtill & Steelle, LLC) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Rosenberger v. Meltzer, Purtill & Steelle, LLC, 2021 IL App (1st) 200414-U (Ill. Ct. App. 2021).

Opinion

2021 IL App (1st) 200414-U

NOTICE: This order was filed under Supreme Court Rule 23 and is not precedent except in the limited circumstances allowed under Rule 23(e)(1).

SECOND DIVISION March 16, 2021 No. 1-20-0414 ______________________________________________________________________________

IN THE APPELLATE COURT OF ILLINOIS FIRST DISTRICT ______________________________________________________________________________

TERRANCE ROSENBERGER, ) Appeal from the ) Circuit Court of Plaintiff-Appellant, ) Cook County ) v. ) No. 18 L 4484 ) MELTZER, PURTILL & STEELE LLC, and JOHN ) The Honorable PURTILL, ) Diane M. Shelley, ) Judge Presiding. Defendants-Appellees.

PRESIDING JUSTICE FITZGERALD SMITH delivered the judgment of the court. Justices Lavin and Cobbs concurred in the judgment.

ORDER

¶1 Held: Trial court did not abuse its discretion by denying motion to set briefing schedule first presented at summary judgment hearing or by granting only seven days to file counter- affidavit. Plaintiff provided no basis for determining that trial court abused its discretion in denying motion to reconsider summary judgment order. Plaintiff’s legal malpractice action involving employment agreement was untimely where it was filed over two years after plaintiff sued employer for breach of same agreement.

¶2 The plaintiff, Terrance Rosenberger, appeals the trial court’s entry of summary judgment in

favor of the defendants, Meltzer, Purtill & Steelle, LLC, and John Purtill, on the grounds that his

action against them for legal malpractice was untimely, as well as the trial court’s denial of his No. 1-20-0414

motion to reconsider that order. We affirm the judgment of the trial court.

¶3 I. BACKGROUND

¶4 This case is a refiling of a legal malpractice action that was originally filed on August 31,

2016, under docket number 16 L 8676. It involves the alleged professional negligence by the

defendants in representing the plaintiff in the negotiation of an employment agreement that

included a provision concerning regulatory approval of any severance payments, which was also

the subject of this court’s decision in Rosenberger v. United Community Bancshares, Inc., 2017

IL App (1st) 161102. In that decision, the court set forth some of the salient background facts

giving rise to the provision of the employment agreement at issue in this case:

“UCB [(United Community Bancshares, Inc.)], successor by merger to Commercial

Bancshares Corporation, is a bank holding company and CenTrust Bank, N.A. (CenTrust)

is a wholly owned subsidiary of UCB that operates a community bank in Northbrook,

Illinois. As a member of the Federal Deposit Insurance Corporation (FDIC), CenTrust is

subject to FDIC regulations.

Prior to the events at issue here, in 2011, Rosenberger and James McMahon became

interested in investing in a community bank after the bank they previously worked at, Park

National Bank, failed. Rosenberger and McMahon, along with a third individual, Gerard

Buccino, formed a company, United Financial Holdings Group, Inc. (United Financial),

for the purpose of raising capital and acquiring a majority interest in a troubled community

bank in the Chicago area.

Rosenberger and McMahon identified CenTrust as a candidate for acquisition.

According to a ‘Strategic Plan,’ CenTrust was founded in 2006 and, by 2008, losses quickly

emerged as a result of a ‘global liquidity crisis’ that impacted the United States and local

-2- No. 1-20-0414

economies. Due to the declining value of commercial real estate, CenTrust experienced

losses, which required additional capital to be committed to its loan-loss reserves. At some

point, the Office of the Comptroller of the Currency (OCC) entered into an ‘Operating

Agreement’ with CenTrust, subjecting it to heightened regulatory oversight.

In January 2012, after months of planning and negotiating with UCB and federal

regulators, United Financial entered into a Stock Purchase Agreement with UCB, whereby

CenTrust would receive $7 million in new capital and Rosenberger, McMahon, and

Buccino would be hired as CenTrust’s new management team. The $7 million in new

capital improved CenTrust’s capital reserves above the minimum ‘Tier 1’ regulatory levels.

On February 1, 2012, UCB hired Rosenberger to serve as CenTrust’s chief lending

officer. His Employment Agreement provided an initial term of three years with a base

salary of $200,000 per year, subject to annual increases in ‘an amount not less than the

increase to the Consumer Price Index for the prior twelve months[.]’ Rosenberger’s

compensation package also included a car allowance, reimbursement of country club and

athletic club dues, a 401(k) plan, and discretionary bonuses. Relevant here, section 4(e) of

the Employment Agreement entitled Rosenberger to severance benefits:

‘(e) Severance Compensation. If this Agreement is terminated by the

Company prior to the expiration of the Employment Period for any reason other

than Cause, *** then the Employee shall be entitled to receive in a single payment

*** an amount equal to two times his annual base salary then in effect.’ ” Id. ¶¶ 3-7.

¶5 Although a termination without cause entitled the plaintiff to a lump sum severance payment,

the employment agreement also included section 28, which provided as follows:

“28. Regulatory Suspension and Termination.

-3- No. 1-20-0414

(a) If Executive is suspended from office and/or temporarily prohibited from

participating in the conduct of the affairs of Employer by a notice served under Section

8(e)(3) (12 U.S.C. § 18l8(e)(3)) or 8(g) (12 U.S.C. § 1818(g)) of the FDIA [(Federal

Deposit Insurance Act)], Employer’s obligations under this Agreement shall be suspended

as of the date of service, unless stayed by appropriate proceedings. If the charges in the

notice are dismissed, Employer may in its discretion: (i) pay Executive all or part of the

compensation withheld while the contract obligations were suspended; and (ii) reinstate (in

whole or in part) any of the obligations which were suspended.

(b) If Executive is removed and/or permanently prohibited from participating

in the conduct of the affairs of Employer by an order issued under Section 8(e) (12 U.S.C.

§ 1818(e)) or 8(g) (12 U.S.C. § 1818(g)) of the FDIA, all obligations of Employer under

this Agreement shall terminate as of the effective date of the order, but vested rights of the

contracting parties shall not be affected.

(c) If Employer is in default as defined in Section 3(x) (12 U.S.C. § I8l8(x)(l))

of the FDIA, all obligations of Employer under this Agreement shall terminate as of the

date of default, but this subsection shall not affect any vested rights of the contracting

parties.

(d) All obligations of Employer under this Agreement shall be terminated,

except to the extent it is determined by the Federal Deposit Insurance Corporation (the

‘FDIC’) that continuation of the Agreement is necessary for the continued operation of the

institution, at the time the FDIC enters into an agreement to provide assistance to or on

behalf of Employer under the authority contained in Section 13(c) (12 U.S.C.

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2021 IL App (1st) 200414-U, Counsel Stack Legal Research, https://law.counselstack.com/opinion/rosenberger-v-meltzer-purtill-steelle-llc-illappct-2021.