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QUINN v. McGRAW-HILL COMPANIES, INC.

No. 97-3269.

168 F.3d 331 (1999)

Maurice L. QUINN, Plaintiff-Appellant, v. The McGRAW-HILL COMPANIES, INC., Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided February 16, 1999.

Attorney(s) appearing for the Case

James E. Beckley (argued), Beckley & Associates, Wheaton, IL, Bernard G. Segatto, Barber, Segatto, Hoffee & Hines, Springfield, IL, for Plaintiff-Appellant.

Robert C. Krupka, David K. Callahan (argued), Jennifer Anderson VanKirk, Kirkland & Ellis, Chicago, IL, Lance T. Jones, Springfield, IL, for Defendant-Appellee.

Before POSNER, Chief Judge, and WOOD, Jr. and DIANE P. WOOD, Circuit Judges.

DIANE P. WOOD, Circuit Judge.

Maurice Quinn was the majority shareholder for two small banks in central Illinois. At the suggestion of a broker, Quinn invested in certain instruments called "collateralized mortgage obligations," or CMOs, loosely referred to as bonds in the proceedings. He felt confident in doing so because the broker assured him that Standard & Poor's (S & P) would give the CMOs an "A" rating, which in due course it did. Unfortunately, the...

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