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FEDERAL DEPOSIT INS. CORP. v. HARTFORD INS. CO. OF ILLINOIS

No. 88-3268.

877 F.2d 590 (1989)

FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff, v. HARTFORD INSURANCE COMPANY OF ILLINOIS, et al., Defendants. The AMERICAN INSURANCE COMPANY, Third-Party Plaintiff-Appellee, v. UNITED STATES of America, Third-Party Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided June 15, 1989.

Rehearing and Rehearing Denied July 25, 1989.

Attorney(s) appearing for the Case

Anthony J. Steinmeyer, John P. Schnitker, Dept. of Justice, Washington, D.C. for Federal Deposit Ins. Corp.

Robert M. Chemers, Michael G. Burton, Pretzel & Stouffer, Fern Bomchill, Mayer, Brown & Platt, Douglas M. Reimer, McDermott, Will & Emery, Chicago, Ill., for American Ins. Co.

Before POSNER, EASTERBROOK and RIPPLE, Circuit Judges.

Rehearing and Rehearing En Banc Denied July 25, 1989.

EASTERBROOK, Circuit Judge.

When the Federal Deposit Insurance Corporation bailed out Continental Illinois National Bank in 1984, it acquired, in addition to a lot of bad loans, Continental's right to collect on fidelity bonds issued by five insurance companies. These insurers promised to compensate Continental for losses caused by its employees' misconduct. Hanky-panky in dealing with Penn Square Bank...

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