Legal Opinion
Federal Deposit Insurance Corporation v. W.R. Grace & Co. And Grace Petroleum Corporation
Court of Appeals for the Seventh Circuit
Decided September 11, 1989No. 88-2275PublishedCited by 126 opinions
1Opinion of the Court
POSNER, Circuit Judge.
This case began as a diversity suit (governed, the parties agree, by Illinois law) for fraud. The plaintiff was Continental Illinois National Bank, the defendants W.R. Grace & Co. and its wholly owned subsidiary, Grace Petroleum Corporation. The parties treat the two Graces as interchangeable; so shall we. The appeal presents questions of contract law and damages.
Continental had made a $75 million non-recourse production payment loan to Grace to enable it to develop some natural-gas fields in Mississippi, and when one of the fields turned out to be worthless Continental…
2Cases cited44 opinions
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- Gary C. Lancaster v. Norfolk and Western Railway CompanyCourt of Appeals for the Seventh Circuit · 1985
- Rakowski v. LucenteIllinois Supreme Court · 1984
- Teamsters Local 282 Pension Trust Fund v. Anthony G. AngelosCourt of Appeals for the Seventh Circuit · 1985
- James S. Jordan, Cross-Appellee v. Duff and Phelps, Inc., Claire v. Hansen, and Francis E. Jeffries, Defendants- Cross-AppellantsCourt of Appeals for the Seventh Circuit · 1987
39 more not listed; retrieve them via the Exa API.
3Cited by126 opinions
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- United States v. RigasCourt of Appeals for the Second Circuit · 2007
- Kenneth P. Bidlack v. Wheelabrator CorporationCourt of Appeals for the Seventh Circuit · 1993
- Zazu Designs, a Partnership v. L'oreal, S.A.Court of Appeals for the Seventh Circuit · 1992
- In the Matter of William J. Stoecker, Debtor. Appeal of Thomas E. Raleigh, as Chapter 7 Trustee for the Estate of William J. StoeckerCourt of Appeals for the Seventh Circuit · 1993
121 more not listed; retrieve them via the Exa API.