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RUSSELL v. CONTINENTAL ILL. NAT. BANK & T. CO. OF CHICAGO

No. 72-1185.

479 F.2d 131 (1973)

Elizabeth J. RUSSELL, individually and as representative of all Capital Investment Service customers, Plaintiff-Appellant, v. CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO, a National Banking Association, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided June 7, 1973.

Attorney(s) appearing for the Case

Maurice James Moriarty, Chicago, Ill., for plaintiff-appellant.

Miles G. Seeley, Bryson P. Burnham, Chicago, Ill., for defendant-appellee.

Before SWYGERT, Chief Judge, and PELL and STEVENS, Circuit Judges.

STEVENS, Circuit Judge.

Plaintiff's complaint alleges that, in response to the Bank's solicitations, she and other members of the public each invested at least $20,000 in an "open-end mutual fund" established by the Bank; that the aggregate amount of approximately $7,500,000 invested by similarly situated participants "placed the defendant in the business of operating a mutual investment fund contrary to and in violation of §§ 16 and 21 of the Glass-Steagall...

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