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The lawsuit claims the items, including Lennon's guitar, handwritten U2 lyrics from "The Unforgettable Fire" and paintings by Claus Miller, are in a pair of storage facilities and the Gold Dome, where the museum was located from 2000-2007.
Madigan's suit said the room in the Gold Dome incurred "significant water and mold damage."
Zvez Kubat, Chicago Park District spokeswoman, said museum officials left only the largest items from the collection in the facility and they are not believed to have been damaged by the water and mold.
The Sun-Times said McGuire could not be reached for comment.