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Banking Law Keyed to Carnell, 7th Ed.
Atherton v. Federal Deposit Insurance Co.
Citation:
519 U.S. 213, 117 S. Ct. 666, 136 L. Ed.2d 656 (1997)Facts
In 1989, City Federal Savings Bank, a federally chartered savings association, failed and went into receivership. The Resolution Trust Corporation (RTC), acting as receiver, brought an action against the bank’s officers and directors, alleging they had acted or failed to act in ways that led the bank to make various bad development, construction, and business acquisition loans. The complaint alleged these actions constituted gross negligence, simple negligence, and breaches of fiduciary duty. The defendants moved to dismiss, arguing that 12 U.S.C. § 1821(k), which authorizes actions for “gross negligence,” implicitly barred actions based on less culpable conduct such as simple negligence. The case raised fundamental questions about the source of law governing the standard of care for officers and directors of federally chartered financial institutions.
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