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TELEPORT COMMUNICATIONS GROUP v. BARCLAY FINANCIAL GROUP

No. 98-2572.

176 F.3d 412 (1999)

TELEPORT COMMUNICATIONS GROUP, INCORPORATED, Plaintiff-Appellee, v. BARCLAY FINANCIAL GROUP, LIMITED, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided May 5, 1999.

Attorney(s) appearing for the Case

Jeffrey Y. Lewis, Swift, Currie, McGhee & Hiers, Atlanta, GA, Michael A. Ficaro, John P. Ratnaswamy (argued), Hopkins & Sutter, Chicago, IL, for Plaintiff-Appellee.

Leon E. Lindenbaum, Lindenbaum, Coffman, Kurlander, Brisky & Hayes, Chicago, IL, John A. Christy (argued), Schreeder, Wheeler & Flint, Atlanta, GA, for Defendant-Appellant.

Before KANNE, DIANE P. WOOD, and EVANS, Circuit Judges.

TERENCE T. EVANS, Circuit Judge.

Barclay Financial Group, Inc. issued a $1 million "Letter of Credit" to Teleport Communications Group, Inc. at the request of MetroLink Communications, Inc. When Teleport presented two sight drafts totaling $1 million, however, Barclay refused to pay, claiming that Teleport had defrauded MetroLink and citing a clause in the instrument that it believed conditioned payment on a lack of fraud...

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