Flagler Investment Marietta, LLC v. Multibank 2009—1 CRE Venture, LLC, 663 Fed. Appx. 747 (11th Cir. 2015) (lead counsel for FDIC) (in a suit brought by Flagler against Integrity Bank for breach of a loan agreement regarding a loan made by a failed bank that was transferred by FDIC as receiver to Integrity, the district […]... [Read more...]
Bank Receivership Law
We have significant trial and appellate experience litigating claims arising from FDIC’s role as the receiver for failed banks and thrifts (banks). When a bank becomes insolvent or is in unsafe-or-unsound condition, it is closed by its state or federal chartering agency and the FDIC is appointed its receiver. As receiver, FDIC steps into the shoes of the bank and liquidates the failed bank’s assets and liabilities under a comprehensive statutory scheme established in the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). FDIC, as the insurer of deposits, takes action immediately to protect the depositors of the failed bank, typically by transferring their accounts to a healthy bank in a three party contract (P&A Agreement) between FDIC as the insurer of deposits, FDIC as receiver for the failed bank, and the acquiring institution.
FDIC v. First American Title Ins. Co., 611 Fed. Appx. 522 (11th Cir. 2015) (argued for FDIC) (holding that (i) FDIC, as receiver, retained under the terms of the purchase and assumption agreement (P&A Agreement) all claims related to acts or omissions that caused a loss to the bank, (ii) FDIC could bring a breach-of-contract […]... [Read more...]
JPMorgan Chase Bank, N.A. v. First American Title Ins. Co., 750 F.3d 573 (6th Cir. 2014) (argued for FDIC) (holding that FDIC, as receiver, could bring a breach-of-contract action against a title insurance company based upon the terms of a closing protection letter (CPL) issued by the company whereby it agreed to indemnify the bank […]... [Read more...]
FDIC, as receiver for Strategic Capital Bank v. Countrywide Financial Corp., No. 12-57299 (9th Cir.) (lead counsel for FDIC) (arguing that a claim brought under the Securities Act of 1933 by FDIC as receiver for a failed bank that purchased residential mortgage-backed securities (RMBS) issued by Bank of America (BOA), or its subsidiary Countrywide, and […]... [Read more...]
Deutsche Bank Nat’l Trust Co. v. FDIC, 717 F.3d 189 (D.C. Cir. 2013) (argued for FDIC) (holding that bondholders of Washington Mutual Bank (WaMu) possessing $6 billion in allowed claims against the WaMu receivership lacked Article III and prudential standing to intervene in a contract dispute between FDIC and JPMorgan Chase Bank, N.A., about whether […]... [Read more...]
Foreman v. FDIC, 481 Fed. Appx. 424 (9th Cir. 2012) (lead counsel for FDIC) (affirming dismissal of a claim for wrongful foreclosure).... [Read more...]