Legal Opinion
Esther L. Gayman v. Principal Financial Services, Inc., Principal Financial Group, Inc., and Principal Life Insurance Company
Court of Appeals for the Seventh Circuit
Decided December 17, 2002No. 02-2298PublishedCited by 23 opinions
1Opinion of the Court
EASTERBROOK, Circuit Judge.
Principal Life Insurance Co. converted from mutual to stock form in 2001. Although the insurer itself had converted in 1998, it became a wholly owned subsidiary of Principal Mutual Holding Co., which remained a mutual. This left the policyholders with voting control and the right to receive any surplus should the insurer liquidate, but it saddled the firm with a major drawback' — inability to raise capital via the stock market. In the 2001 reorganization all vestiges of the mutual form vanished. Conversion' was authorized unanimously by the holding company’s board…
2Cases cited9 opinions
- DeShaney v. Winnebago County Department of Social ServicesSupreme Court of the United States · 1989
- American Manufacturers Mutual Insurance v. SullivanSupreme Court of the United States · 1999
- Jackson v. Metropolitan Edison Co.Supreme Court of the United States · 1974
- Flagg Bros., Inc. v. BrooksSupreme Court of the United States · 1978
- Blum v. YaretskySupreme Court of the United States · 1982
4 more not listed; retrieve them via the Exa API.
3Cited by23 opinions
- Stephen Tancredi and Ronald Speidel v. Metropolitan Life Insurance Company, a New York Stock Company and Metlife, Inc., a Delaware Holding CompanyCourt of Appeals for the Second Circuit · 2003
- Chicago Commons Ass'n v. HancockAppellate Court of Illinois · 2004
- Cranley v. National Life Insurance Co. of VermontCourt of Appeals for the Second Circuit · 2003
- Reyes-Garay v. Integrand Assurance Co.District Court, D. Puerto Rico · 2011
- Bond v. JPMorgan Chase Bank, N.A.Court of Appeals for the Seventh Circuit · 2013
18 more not listed; retrieve them via the Exa API.