American Deposit Corp. v. Schacht

MEMORANDUM ORDER

BOBRICK, United States Magistrate Judge.

Before the court are the cross-motions of plaintiffs American Deposit Corp. (“ADC”) and Blackfeet National Bank, (“Blackfeet”), and defendant James W. Schacht, Acting Director of Insurance of the State of Illinois, (“Schacht”), for summary judgment. The American Council of Life Insurance (“ACLI”) and the National Association of Life Underwriters (“NALU”) have filed briefs as amici curiae.

I. BACKGROUND

ADC has developed a new investment vehicle, referred to as a Retirement Certificate of Deposit (“Retirement CD”), which, while having…