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IDS LIFE INS. CO. v. SUNAMERICA, INC.

Nos. 96-2314, 96-2871.

103 F.3d 524 (1996)

IDS LIFE INSURANCE CO., Plaintiff-Appellee, Cross-Appellant, and American Express Financial Advisors, Inc., Plaintiff-Appellee, v. SUNAMERICA, INC., and Sun Life Insurance Co. of America, Defendants-Appellants, and Royal Alliance Associates, Inc., and Sunamerica Securities, Inc., Defendants-Appellants, Cross-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided December 18, 1996.

Rehearing and Suggestion for Rehearing Denied February 18, 1997.

Attorney(s) appearing for the Case

Gary M. Elden, argued, Gregory C. Jones, Eric D. Brandfonbrener, Margaret E. Rice, Patrick T. Nash, Grippo & Elden, Chicago, IL, for IDS Life Ins. Co., American Express Financial Advisors, Incorporated in No. 96-2314.

Ronald P. Kane, Chicago, IL, Thomas M. Campbell, argued, Pace Klein, Smith, Campbell & Paduano, New York City, Steven P. Gomberg, Gomberg, Kane & Fischer, Chicago, IL, for SunAmerica, Incorporated, Royal Alliance Associates, Incorporated, SunAmerica Securities, Incorporated, Sun Life Insurance Company of America in Nos. 96-2314 and 96-2871.

Gary M. Elden, argued, Gregory C. Jones, Eric D. Brandfonbrener, Margaret E. Rice, Patrick T. Nash, Grippo & Elden, Chicago, IL, for IDS Life Insurance Company in No. 96-2871.

Before POSNER, Chief Judge, and EASTERBROOK and RIPPLE, Circuit Judges.

Rehearing and Suggestion for Rehearing En Banc Denied February 18, 1997.

POSNER, Chief Judge.

The plaintiffs, claiming that the defendants have been "raiding" their employees in violation of a host of federal and state laws, brought these two consolidated suits in February of 1995, seeking damages and injunctive relief. The plaintiffs are subsidiaries of American Express. Although one is also an insurance company, both are engaged in the securities business...

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