Continental Casualty Company v. Symons, et al. 7th Circuit Court of Appeals Citation: 14-2665, 14-2671 & 15-106 Decided: March 22, 2016 This fraudulent transfer case pits 2 insurance company’s – as well as the controlling family of the seller and their related businesses – against one another. despite some fancy footwork on the part of...Read More
In this case, the most recent appeal in a series of suits concerning the sale of bonds by a corporation (the "Corporation") owned by the Lac du Flambeau Band of Lake Superior Chippewa Indians (collectively, the “Tribal Entities”), the 7th Circuit clarifies the standards applicable to injunctions as well as review of lower-Court decisions and,...Read More
In this opinion the 7th Circuit Court of Appeals sets the record straight about an alleged Output-Requirements Contract and settles a dispute based on the terms of a supplier agreement. At the conclusion of its analysis the Court determined that in effect nothing in the parties' contract satisfied the 3-prong test applicable to Output-Requirement Contracts,...Read More
In this appeal of a Shareholder Derivative case concerning a stock option plan used as executive compensation, the Plaintiff appealed from dismissal with prejudice by the District Court for the Northern District of Illinois, Eastern Division. Plaintiff was a stockholder in DeVry Education Group, a Delaware company that owns and operates for-profit colleges. Plaintiff brought...Read More
The Attorney for Defendants in the District Court filed a lien on proceeds in a related State case and attempted to jump the line in terms of priority. When the District Court stopped him he sought relief in the 7th Circuit. The Appellate Court not only disagreed with his actions but actually sanctioned him for...Read More
The 7th Circuit found that the phrase “for cause” as used in the Bankruptcy Code embraces conduct that, even if not a violation of required procedures, avoids repayment of a debt without an adequate reason. In other words, the case was dismissed because the Schwartzes failed to pay as much of their indebtedness as they...Read More
7th Circuit Court of Appeals holds that auctioning off a lawsuit owned by a Debtor in Bankruptcy placed the claim-buyer ahead of other creditors; it also found that the claim-buyer had not been a "good faith" purchaser, and that no valid interest was impaired by rescinding the sale so the Debtor could pursue its suit...Read More
Foreclosure defense practice has become a veritable cottage industry over the past decade and it is common for Clients to expect their lawyer to do more than fight. They want to delay "by any means necessary." But the Courts still regard the law as a genteel profession. What Clients see as run of the mill...Read More
The Bankruptcy Judge had the benefit of hearing the Debtor's testimony and deemed her credible: he knew her approach was wrong but thought she was sincere in her beliefs. The Appellate Court focused on the telltale signs that the Debtor had not been sincere and reasoned that it couldn't trust her as there were too...Read More
Diversity jurisdiction brought this complex commercial case before the 7th Circuit, which applied Illinois law to a series of trademark and business questions. At issue was whether the developer of chenille fabric under the tradename "Kashwere" (Selzer) could prevent a series of transactions via a non-compete agreement ("NCA") and, conversely, whether the buyer of the...Read More
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