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LUDGATE INS. CO. LTD. v. BECKER

No. 95 C 4086.

906 F.Supp. 1233 (1995)

LUDGATE INSURANCE COMPANY LIMITED, Plaintiff, v. B. Frederick BECKER, William E. Lape, and American Continental Insurance Company, Defendants.

United States District Court, N.D. Illinois, Eastern Division.

December 4, 1995.

Attorney(s) appearing for the Case

James I. Rubin, Samuel William Ach, Anthony E. Rothschild and Harry Joshua Nelson, Butler, Rubin, Saltarelli & Boyd, Chicago, IL, for plaintiff.

Mitchell Alan Orpett, Tribler & Orpett, Chicago, IL, John M. Nonna and Michael Marcus, Werner & Kennedy, New York City, for defendants.

MEMORANDUM AND ORDER

MORAN, Senior District Judge.

Plaintiff Ludgate Insurance Company Limited (Ludgate) brought this action against B. Frederick Becker (Becker) and William E. Lape (Lape), two of Ludgate's former directors, for breach of fiduciary duty in relation to their approval of a commutation agreement which allegedly deprived Ludgate of assets without adequate compensation. Plaintiff also seeks to impose a constructive trust, or in the alternative...

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