7th Circ. Revives GE Unit's Asset Fight With Chicago Bank
By Linda Chiem
Law360, New York (May 3, 2013, 7:40 PM ET) -- The Seventh Circuit on Friday revived a General Electric Co. water treatment subsidiary’s bid to collect a $7 million judgment it won against Zee Co. Inc. in an employee noncompete dispute, saying it belongs in Illinois state court where GE can fight Zee’s bank and lien holder for creditor priority.
A three-judge panel vacated a federal court’s outright dismissal of GE Betz’s citation to discover Zee’s assets, which essentially is an action to collect a money judgment served on Chicago-based BMO Harris Bank NA, which in...