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DOME PETROLEUM LTD. v. EMP. MUT. LIABILITY INS. CO.

Civ. A. No. 84-97.

635 F.Supp. 1397 (1986)

DOME PETROLEUM LIMITED, a corporation of Canada; and Dome Energy Limited, a corporation of Canada, Plaintiffs, v. EMPLOYERS MUTUAL LIABILITY INSURANCE COMPANY OF WISCONSIN, a mutual insurance company of Wisconsin; Frank Mulvey, Anthony Rotella, Teresa Helen Ernst and the First Jersey National Bank, a national bank with its principal office in New Jersey, Defendants.

United States District Court, D. New Jersey.

May 29, 1986.

Attorney(s) appearing for the Case

Cole, Schotz, Bernstein, Meisel & Forman, Rochelle Park, N.J., by Morrill J. Cole, (Mayer, Brown & Platt, Chicago, Ill., of counsel), for plaintiffs.

Hannoch Weisman, Roseland, N.J. by Joseph J. Fleischman (Peterson, Ross, Schloerb & Seidel, Chicago, Ill.,) for defendants Employers Mut. Liability Ins. Co. of Wis. and The First Jersey Nat. Bank.

OPINION

STERN, District Judge.

Defendant First Jersey National Bank, acted as depository for plaintiff Dome Petroleum, Ltd., in Dome's 1981 tender offer for the stock of Conoco, Inc. First Jersey erroneously distributed to other tenderors money owing to a group of tenderors known as the "State Street Group." First Jersey paid the State Street Group $3.5 million dollars in compensation. It obtained a loan in that amount from its insurer, defendant Employers...

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