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PENN MUT. LIFE INS. CO. v. GREATBANC TRUST CO.

No. 09 C 06129.

887 F.Supp.2d 822 (2012)

The PENN MUTUAL LIFE INSURANCE COMPANY, Plaintiff, v. GREATBANC TRUST COMPANY, Defendants.

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

August 15, 2012.

Attorney(s) appearing for the Case

Gregory J. Star, John Michael Bloor, Justin O'Neill Kay, Katherine L. Villanueva, Stephen C. Baker, Drinker Biddle & Reath LLP, Philadelphia, PA, Terri L. Ahrens, Drinker Biddle & Reath LLP, Chicago, IL, for Plaintiff.

John King Burnett, III, Stahl Cowen Crowley Addis LLC, Marc Eric Rosenthal, Sheri D. Davis, Proskauer Rose LLP, Chicago, IL, for Defendants.

MEMORANDUM OPINION AND ORDER

JOHN J. THARP, JR., District Judge.

Stranger-owned life insurance, or STOLI, entails the maintenance of a life insurance policy by an investor who has no insurable interest in the life of the insured. Although the arrangement is unremarkable some cases, such as when an insured sells a policy on the open market as a means of liquefying the asset, other times it violates state common or — increasingly — statutory...

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