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AMERICAN DEPOSIT CORP. v. SCHACHT

No. 95-2462.

84 F.3d 834 (1996)

AMERICAN DEPOSIT CORPORATION and Blackfeet National Bank, Plaintiffs-Appellants, v. James W. SCHACHT, individually and as Acting Director of Insurance of the State of Illinois, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided May 13, 1996.

Attorney(s) appearing for the Case

Eugene F. Assaf, Kirkland & Ellis, Washington, DC, Douglas J. Kurtenbach, Kirkland & Ellis, Chicago, IL, George L. Saunders, Jr., Thomas F. Bush, Jr., Saunders & Monroe, Chicago, IL, Thaddeus Holt (argued), Dennis M. Gingold, Anderson Aukamp & Gingold, Washington, DC, for Plaintiffs-Appellants.

Daniel I. Schlessinger, Robert A. Knuti, Damon N. Vocke, Lord, Bissell & Brook, Chicago, IL, Cacilia R. Masover (argued), Office of the Attorney General, Civil Appeals Division, Chicago, IL, for Defendant-Appellee.

Robert A. Kunti, Lord, Bissell & Brook, Chicago, IL, David Overlock Stewart, Martin E. Lybecker, Ropes & Gray, Washington, DC, for American Council of Life Insurance, Amicus Curiae.

Carl S. Nadler, Jenner & Block, Chicago, IL, Ann M. Kappler, Scott A. Sinder, Jenner & Block, Washington, DC, for National Association of Life Underwriters, Amicus Curiae.

Before CUMMINGS, FLAUM and DIANE P. WOOD, Circuit Judges.

CUMMINGS, Circuit Judge.

The National Bank Act ("Bank Act") arguably permits a national bank to sell an innovative investment product known as the "Retirement CD." The Illinois Insurance Code ("Insurance Code"), however, prohibits selling this product without a certificate of authority from the Director of Insurance. Defendant Blackfeet National Bank ("Blackfeet") has no such certificate and sued for a declaration that the Illinois Insurance Code cannot stand in the...

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