Justin Lin will direct a film about a Chinatown bank that was indicted following the US 2008 housing crisis.
The film is based on Steve James’ 2o16 film Abacus: Small Enough To Jail. Abacus was a bank run by a Chinese immigrant family. It was the only bank to be indicted in the wake of the 2008 financial crisis.
Deadline reports that Perfect Storm Entertainment has secured the story rights of how the Sung Family, who ran Abacus, were scapegoated by prosecutors and were accused of mortgage fraud by the Manhattan District Attorney.
Lin will produce with Mary Lee, Ernesto Foronda and Elizabeth Urwin. Mark Mitten, producer of Abacus: Small Enough To Jail, will also produce alongside co-producer Julie Goldman. Steve James will be the executive producer.
House Of Cards writer Kenneth Lin will adapt the story.
“This is a quintessential American story told from a point of view that is rarely seen on screen. The Sung family’s collective act of courage needs to be told, especially now,” said Justin Lin.
“We are pleased that this story will have a chance to reach an even wider audience,” says Thomas Sung, the founder of Abacus Federal Savings Bank and featured in the film. “For us, this was never just the story of our family bank. It’s a cautionary tale about the larger struggle for justice in our community.”
