Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Devon Bank

MEMORANDUM OPINION AND ORDER

ASPEN, District Judge:

In this opinion, we consider matters taken under advisement in our opinion of October 24, 1988. In our prior opinion, we noted that this suit was before the District Court for a second time. District Judge George N. Leighton, now retired, previously granted the motion of defendant Devon Bank (“Devon”) for summary judgment against the plaintiff Merrill Lynch, Pierce, Fenner & Smith, Inc. (“Merrill Lynch”). 654 F.Supp. 506 (N.D.Ill.1987). The United States Court of Appeals for the Seventh Circuit subsequently reversed and returned the action to…