United States Seventh Circuit

Where a $1M settlement was entered into for the original debt of $1.6M, and the settlement agreement provided that the full $1.6M would become due in event of default, the district court's refusal to enforce the $1.6M because it was a "penalty" was reversed, and defendant ordered to abide by the terms of the settlement agreement.

Appellate Information

• Argued 04/08/2002
• Decided 04/30/2002
• Published 04/30/2002

Judges

• EASTERBROOK, Circuit Judge., Before BAUER, EASTERBROOK, and WILLIAMS, Circuit Judges.

Court

• United States Seventh Circuit

Counsel

• For Appellant:
  
• Timothy J. Storm (argued), Chicago, IL, for plaintiff-appellant.


• For Appellees:
  
• James K. Borcia (argued), Tressler, Soderstrom, Maloney & Priess, Chicago, IL, for defendant-appellee.