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TRIDENT INV. MANAGEMENT, INC. v. AMOCO OIL CO.

Nos. 98-1428, 98-1495.

194 F.3d 772 (1999)

TRIDENT INVESTMENT MANAGEMENT, INC., Meyer Investment Properties, Inc. Public Fund I-1983, and CAMCO, Inc., Plaintiffs-Appellees, Cross-Appellants, and American National Bank and Trust, Plaintiff-Intervenor-Appellee, v. AMOCO OIL COMPANY, Defendant-Appellant, Cross-Appellee, and Menginder Bhambra, Defendant-Cross-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided September 21, 1999.

Attorney(s) appearing for the Case

Frederic R. Klein (argued), Goldberg, Kohn, Bell, Black, Rosenbloom & Moritz, Chicago, IL, for plaintiffs-appellees.

Richard C. Godfrey (argued), Kirkland & Ellis, Chicago, IL, Elizabeth M. Budzinski, Wilson, Elser, Moskowitz, Edelman & Dicker, Chicago, IL, for defendants-appellants.

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

DIANE P. WOOD, Circuit Judge.

The old common law adage "caveat emptor" captured the idea that buyers have a responsibility to watch out for their own interests. While modern consumer protection laws might have softened that duty somewhat, there is one area in which buyers hardly need the reminder. Commercial purchasers of real property are acutely aware that they must learn about and protect themselves against liability for any possible environmental contamination...

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