United States Federal Circuit

In litigation relating to the failure of Meritor Savings Bank after the Federal Deposit Insurance Corporation (FDIC) breached a capital agreement with Meritor, and award for losses, judgment of Court of Federal Claims requiring distribution of the receivership surplus to current shareholders and denying a former employee's motion to intervene is affirmed, where: 1) the lower court erred in applying the current version of 12 U.S.C. section 1821(d)(11) but the error was harmless, as under section 1821(d)(11), current Meritor shareholders are the proper recipients of the receivership surplus; 2) the lower court properly dismissed plaintiff Roth's second amended complaint because he has no rights to the receivership surplus; 3) there is no reason to overturn the lower court's order limiting the government's liability; and 4) the former employee's claim is barred by res judicata.

Appellate Information

• Decided 03/21/2013
• Published 03/21/2013

Judges

• PROST

Court

• United States Federal Circuit

Counsel