Legal Opinion
Bank of America, N.A. v. Knight
Court of Appeals for the Seventh Circuit
Decided August 8, 2013No. 12-2698PublishedCited by 189 opinions
1Opinion of the Court
EASTERBROOK, Chief Judge.
Bank of America lost about $34 million when Knight Industries, Knight Quartz Flooring, and KnighL-Celotex (collectively Knight) went bankrupt. It contends in this suit under the diversity jurisdiction that Knight’s directors and managers looted the firm and that its accountants failed to detect the defalcations. The parties agree that Illinois law supplies the rule of decision. The district court dismissed all of the Bank’s claims on the pleadings. 875 F.Supp.2d 837 (N.D.Ill.2012).
Frost, Ruttenberg & Rothblatt, P.C., and FGMK, LLC, were Knight’s accountants. They…
2Cases cited11 opinions
- Ashcroft v. IqbalSupreme Court of the United States · 2009
- Bell Atlantic Corp. v. TwomblySupreme Court of the United States · 2007
- Fed. Sec. L. Rep. P 95,228 Rocco Dileo and Louise Dileo v. Ernst & YoungCourt of Appeals for the Seventh Circuit · 1990
- Ultramares Corp. v. ToucheNew York Court of Appeals · 1931
- Mid-State Fertilizer Co., Lasley Kimmel, and Maxine Kimmel v. Exchange National Bank of ChicagoCourt of Appeals for the Seventh Circuit · 1989
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3Cited by189 opinions
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- Guaranteed Rate, Inc. v. ConnDistrict Court, N.D. Illinois · 2017
- Slep-Tone Entertainment Corp. v. CoyneDistrict Court, N.D. Illinois · 2014
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