This Law Firm Publication by Wiley Rein LLP discusses the factual background and the court's legal holdings in Ryerson Inc. v. Fed. Ins. Co., No. 09 C 4173 (7th Cir. Apr. 12, 2012). In this case, the US Court of Appeals for the Seventh Circuit held that an insured's payment to resolve allegations that the insured fraudulently induced the purchase of its subsidiary at an artificially inflated price did not constitute an insurable loss under Illinois law.