United States Ninth Circuit
Bank of Manhattan, N.A. v. Federal Deposite Insurance Corporation, 12-56737
Summary judgment in favor of plaintiff-bank on its breach of contract claim against defendant Federal Deposit Insurance Corporation (FDIC) is affirmed, where: 1) the FDIC, in its role of receiver of a closed bank, may not breach underlying asset contractual obligations without consequence; 2) the Financial Institutions Reform, Recovery, and Enforcement Act, 12 U.S.C. section 1821(d)(2)(G)(i)(II), did not immunize the FDIC from breach of pre-receivership contract claims; and 3) the district court did not err in rejecting the FDIC's claimed statutory defense and entering judgment against the FDIC for its breach of a participation agreement.
Appellate Information
- Decided 03/04/2015
- Published 03/04/2015
Judges
- O'Scannlain
Court
- United States Ninth Circuit