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BANKERS TRUST CO. v. OLD REPUBLIC INS. CO.

Nos. 91-2589, 91-2707.

959 F.2d 677 (1992)

BANKERS TRUST COMPANY, Plaintiff-Appellant, Cross-Appellee, v. OLD REPUBLIC INSURANCE COMPANY, et al., Defendants-Appellees, Cross-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided April 3, 1992.

Attorney(s) appearing for the Case

Terry M. Grimm, George C. Lombardi, Winston & Strawn, Robert N. Hermes, Gerald G. Saltarelli, argued, Mary L. Hayes, Butler, Rubin, Newcomer, Saltarelli, Boyd & Krasnow, Chicago, Ill., for Bankers Trust Co.

Bruce R. Meckler, argued, Steven D. Pearson, Pope & John, Chicago, Ill., for Old Republic Ins. Co., Chicago Underwriting Group, Inc. in No. 91-2589.

Brian Frankl, Peterson & Ross, Chicago, Ill., for Employers Ins. Co. of Wausau.

Robert J. Lepri, Trizna & Lepri, Daniel J. Fumagalli, Fumagalli & Tecson, Chicago, Ill., for Lee Keeling & Associates, Inc.

Barry L. Kroll, Williams & Montgomery, Chicago, Ill., for Imperial Cas. & Indem. Co.

Richard A. Devine, Michael M. Marick, Bruce R. Meckler, argued, Steven D. Pearson, Michael K. Bartosz, Pope & John, Chicago, Ill., for Old Republic Ins. Co., Chicago Underwriting Group, Inc. in No. 91-2707.

Before POSNER and MANION, Circuit Judges, and VAN SICKLE, Senior District Judge.

POSNER, Circuit Judge.

This appeal and (conditional) cross-appeal bring up to us a tangle of jurisdictional and procedural issues arising out of complex federal litigation. Back in the early 1980s, Bankers Trust, a large bank, made a large loan in (alleged) reliance on appraisals of the borrower's oil and gas reserves by Lee A. Keeling & Associates, Inc. ("LKA"). The borrower defaulted and Bankers Trust lost $30 million. In 1985 it brought a diversity tort suit...

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