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HARBOR INS. CO. v. CONTINENTAL BANK CORP.

Nos. 90-1044, 90-1090.

922 F.2d 357 (1990)

HARBOR INSURANCE COMPANY and Allstate Insurance Company, Plaintiffs-Appellees-Cross-Appellants, v. CONTINENTAL BANK CORPORATION, formerly known as Continental Illinois Corporation; and Continental Bank N.A., formerly known as Continental Illinois National Bank and Trust Company of Chicago, Defendants-Appellants-Cross-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided December 17, 1990.

As Amended December 20, 1990.

Rehearing Denied January 29, 1991.

Attorney(s) appearing for the Case

A. Benjamin Goldgar, Dennis C. Waldon, James G. Heiring, Frank J. Roan, Keck, Mahin & Cate, Thomas D. Allen, Kathy P. Saxton, Jane A. Zimmerman, Wildman, Harrold, Allen & Dixon, Sara E. Cook, James P. DeNardo, McKenna, Storer, Rowe, White & Farrug, Thomas W. Conklin, Linda E. Unger, Conklin & Roadhouse, Chicago, Ill., for plaintiffs-appellees-cross-appellants.

Thomas P. Healy, Jr., Michele Odorizzi, Roger W. Barrett, Franklin P. Auwarter, Robert J. Kriss, Mayer, Brown & Platt, Leonard Ring, Debra A. Thomas, Ring & Associates, Chicago, Ill., for defendants-appellants-cross-appellees.

Before WOOD, Jr., POSNER, and FLAUM, Circuit Judges.

POSNER, Circuit Judge.

This suit involves the interpretation of an insurance policy for directors' and officers' liability issued by Harbor and Allstate to Continental Bank. The policy provides that if Continental sustains a loss as a result of a claim made against a director or officer for wrongful acts committed in the performance of his office, Harbor shall reimburse Continental Bank for the first $15 million of loss and Allstate shall reimburse it for the next...

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