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Old National fills Chicago-sized void with latest deal
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First Midwest Bancorp merging with Old National Bancorp of Indiana - Minneapolis / St Paul Business Journal
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First Midwest and Old National announce $6 5 billion bank merger
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Friday, May 7, 2021
The back-and-forth between Wisconsin’s legislature and its supreme court created a unique six-year window from 2005-2011 when plaintiffs could sue manufacturers of white lead carbonate, a substance formerly used in some paints, under a tort theory called “risk-contribution.” This theory allows a plaintiff who can identify the product he asserts caused his injury but not its specific manufacturer (due to the passage of time or other factors) to sue all the defendants that could have manufactured that product during the relevant time period and apportion liability among them.
Around 170 lawsuits were filed on this theory, and three went to trial in 2019 as bellwethers before U.S. District Judge Lynn Adelman in federal court in Milwaukee, resulting in a $6 million judgment against three defendants. Last month, the Seventh Circuit Court of Appeals reversed that judgment, in a decision written by Judge Amy St. Eve and joined by Judges Diane Wood