CAISSE NATIONALE DE CREDIT v. CBI INDUSTRIES

Nos. 95-2814, 95-2708.

90 F.3d 1264 (1996)

CAISSE NATIONALE DE CREDIT AGRICOLE, a French banking corporation, Plaintiff-Appellee, Cross-Appellant, v. CBI INDUSTRIES, INCORPORATED, a Delaware corporation, Defendant-Appellant, Cross-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided July 24, 1996.

Rehearing and Suggestion for Rehearing Denied August 20, 1996.


Attorney(s) appearing for the Case

Michael P. O'Brien, Thomas A. Doyle (argued), Michael L. Morkin, Baker & McKenzie, Chicago, IL, for Caisse Nationale de Credit Agricole in No. 95-2707.

Michael A. Pollard, Michael P. O'Brien, Thomas A Doyle (argued), Michael L. Morkin, Baker & McKenzie, Chicago, IL, for Caisse Nationale de Credit Agricole in No. 95-2814.

Julie A. Harms, Hinshaw & Culbertson, Chicago, IL, Robert V. Shannon (argued), Carla M. Rogers, Bell, Boyd & lloyd, Chicago, IL, for CBI Industries, Inc. in No. 95-2708.

Julie A. Harms, Hinshaw & Culbertson, Chicago, IL, Francis J. Higgins, Paul M. Bauch, Robert V. Shannon (argued), Carla M. Rogers, Bell, Boyd & Lloyd, Chicago, IL, for CBI Industries, Inc. in No. 95-2814.

Before ESCHBACH, FLAUM, and MANION, Circuit Judges.


Rehearing and Suggestion for Rehearing En Banc Denied August 20, 1996.*

MANION, Circuit Judge.

Interest rate "swaps" are agreements to exchange fixed-rate and floating-rate interest obligations. Typically, each party agrees to make interest payments to the other calculated by reference to an agreed amount, the "notional amount" in swap parlance. One party pays interest on the notional amount at a fixed rate; the other at a floating...

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