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CONTINENTAL CAS. CO. v. COM. EDISON CO.

No. 1-95-3851.

676 N.E.2d 328 (1997)

286 Ill. App.3d 572

221 Ill.Dec. 807

CONTINENTAL CASUALTY COMPANY, McDonnell Douglas Finance Corporation, United Services Automobile Association, and USAA Casualty Insurance Company, Plaintiffs-Appellees, v. COMMONWEALTH EDISON COMPANY, Defendant-Appellant.

Appellate Court of Illinois, First District, Fifth Division.

February 7, 1997.

Attorney(s) appearing for the Case

Theodore J. Low, Altheimer & Gray, David F. Graham, James B. Speta, Sidley & Austin, Chicago, for Defendant-Appellant.

William M. McErlean, Howard L. Teplinsky Siedler & McErlean, Chicago, Paul F. Ware, Jr., Thomas M. Hefferon, Goodwin, Procter & Hoar, Boston, MA, Wendy A. Grossman, Chapman & Cutler, Chicago, for Plaintiffs-Appellees.

Justice HOURIHANE delivered the opinion of the court:

This case involves the issuance by Commonwealth Edison (Edison) of 340,000 shares of 15% preferred stock and the redemption of that stock by Edison on February 1, 1987. Plaintiffs, certain institutional investors, challenged the redemption on several theories, and filed suit in the chancery court seeking recision (count I), injunctive relief (count II), declaratory relief (count III), damages for breach of contract...

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