Drew Sues Over Frozen Assets

JPMorgan Chase froze home equity line of credit Drew Peterson wanted to use to post bond, hire attorneys

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    NEWSLETTERS

    AP
    Drew Peterson

    About five months ago, accused wife killer Drew Peterson joked that his "cuddling abilities" had been taken away in jail. Now he's suing over a line of credit that's been taken from him, as well.

    His lawsuit accuses JPMorgan Chase of illegally freezing the home equity credit line that he and his fourth wife, Stacy, took out on their Bolingbrook home four years ago.

    The former Bolingbrook cop wanted to use part of the $220,000 credit line to pay for part of his bond, his attorneys and to hire expert witnesses, the Chicago Sun-Times reported Tuesday.

    According to the lawsuit, JPMorgan Chase cited "imprisonment" as the reason for the freeze.

    Peterson says the bank violated the truth-in-lending act and violated the Illinois Consumer Fraud and Deceptive Business Practices act. He also says that with his nearly $109,000 per year income, which includes $2,758 in monthly Social Security benefits and his $6,000-a-month police pension, his financial situation has improved since 2005.

    He's currently being held on a $20 million bond in Will County on charges that he killed his third wife, Kathleen Savio, in 2004. Stacy Peterson has been missing for two years.