United States Seventh Circuit

In a suit by a trust set up to collect money for a bankrupt company's creditors against an investment banker that advised the company during a disastrous deal, judgment for defendant is affirmed where the investment banker was not grossly negligent in issuing a fairness report approving of the deal since it relied on inaccurate numbers provided by the company, and was under no contractual duty to revise its report after technology stocks began an industry-wide downturn.

Appellate Information

• Decided 02/20/2008
• Published 02/20/2008

Judges

• EASTERBROOK, Chief Judge., Before EASTERBROOK, Chief Judge, and BAUER and KANNE, Circuit Judges.

Court

• United States Seventh Circuit

Counsel

• For Appellant:
  
• Steven C. Florsheim (argued), Sperling & Slater, P.C., Chicago, IL, for Plaintiff-Appellant.


• For Appellees:
  
• R. Paul Wickes (argued), Linklaters, New York, NY, for Defendant-Appellee.