Fitness Companies Found To Have Defaulted On Loans During Pandemic Appeal Judgment

Mealey's (October 7, 2022, 12:56 PM EDT) -- CHICAGO — A group of Chicago area gyms on Oct. 6 appealed to the Seventh Circuit U.S. Court of Appeals an Illinois federal court order granting a Massachusetts bank’s motion for summary judgment in its lawsuit against the gyms after the gyms defaulted on loans and failed to surrender gym equipment that was put up as security.  The order also denied the gyms’ motion for summary judgment releasing them from their loan obligations based on frustration of the purpose of the loan contract caused by the executive orders of Illinois Gov. J.B. Pritzker shutting down gyms to prevent the spread of COVID-19....