Asset Exchange II, LLC v. First Choice Bank 

(Court opinion modified upon denial of rehearing 8/23/11.) Plaintiff filed putative class action alleging that Defendant Bank improperly charged Plaintiff a higher interest rate than parties' agreement. Terms of Note unambiguously set forth method of interest calculation, which was not in violation of Illinois Interest Act for this type of commercial loan. Terms of Note were not ambiguous, nothing in record indicating that terms of Note were concealed from Plaintiff or that Plaintiff was improperly induced into signing Note, and Bank did not breach terms; thus, allegations were insufficient to establish breach of contract. As Plaintiff corporation was headed by two sophisticated businessmen with ample opportunity to read and comprehend Note, allegations were insufficient to establish common-law fraud. (CUNNINGHAM and HARRIS, concurring.)