United States Court of Appeals for the Seventh Circuit
230 F.3d 974 (7th Cir. 2000)
Elio Del Vecchio (plaintiff) traded in a $5,000 whole life insurance policy for a $10,000 universal life policy, believing he could do so at no cost. Del Vecchio sued Conseco, Inc., Bankers National Life Insurance Company, and Great American Reserve Insurance Policy (defendants) for fraud under Indiana law on behalf of himself and other purchasers. Del Veccio claimed the federal court had diversity jurisdiction under 28 U.S.C. § 1332, because diversity of citizenship existed and the amount in controversy for all plaintiffs was greater than $75,000. The defendants moved for summary judgment on the ground that Del Veccio’s claims were barred by the statute of limitations. The court granted the motion, and Del Vecchio appealed. The United States Court of Appeals for the Seventh Circuit questioned the validity of federal jurisdiction and requested supplemental briefings on the issue. In his supplemental briefing, Del Vecchio asserted that punitive damages were available and the amount in controversy requirement was therefore satisfied.
Rule of Law
Holding and Reasoning (Wood, J.)
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