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JOHNSON v. CENTRAL STANDARD LIFE INS. CO.

Gen. Nos. 51,857, 52,499. (Consolidated.).

102 Ill. App.2d 15 (1968)

243 N.E.2d 376

Perry Johnson and Ray P. Gardner, Individually and as Representative of a Class, Plaintiffs (Ray P. Gardner, Appellee), v. Central Standard Life Insurance Company, an Illinois Corporation, Illinois Bankers Life Assurance Company, an Illinois Corporation, Alfred MacArthur, et al., Defendants (Reliance Standard Life Insurance Company and Alfred MacArthur, Appellants).

Appellate Court of Illinois — First Judicial District.

Rehearing denied and supplemental opinion January 15, 1969.

Attorney(s) appearing for the Case

Kirkland, Ellis, Hodson, Chaffetz & Masters, and Carl Pomerance, of Chicago (Thomas M. Thomas, John J. Edman, and Owen M. Johnson, Jr., of counsel), for appellants.

George B. Christensen, of Chicago, and Robert J. Clendenin, of Monmouth (Winston, Strawn, Smith & Patterson, of Chicago, of counsel), for appellees.

MR. JUSTICE DAVIS delivered the opinion of the court.

Ray P. Gardner and another brought this suit as a class action on behalf of some 41,000 former shareholders of Illinois Bankers Life Assurance Company ("Assurance Company"). The plaintiffs sought an accounting for secret profits allegedly obtained by certain of the defendants, who at the time, occupied a fiduciary relation to the plaintiffs as either the dominant...

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