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American Nat’l Ins. Co., v. FDIC | D.C. Appeals Court Reversal “Bondholders, Failed WAMU, JPMorgan Chase “Improper Acts”, FDIC “Intervened”

American Nat’l Ins. Co., v. FDIC | D.C. Appeals Court Reversal “Bondholders, Failed WAMU, JPMorgan Chase “Improper Acts”, FDIC “Intervened”


Justia.com Opinion Summary:: Bondholders of the failed Washington Mutual Bank (“WAMU”) alleged that JPMorgan Chase (“Chase”), through a series of improper acts, pressured the federal government to seize WAMU and then sell to it the bank’s most valuable assets, without any accompanying liabilities, for a drastically undervalued price. The bondholders asserted three Texas state law claims in Texas state court, but after the Federal Deposit Insurance Corporation (“FDIC”) intervened in the lawsuit, the case was removed to federal district court. At issue was whether the district court properly dismissed the complaint, finding that 12 U.S.C. 1821(d)(13)(D)(ii) jurisdictionally barred appellants from obtaining judicial review of their claims because they had not exhausted their administrative remedies under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”). The court held that the suit fell outside the scope of the jurisdictional bar of section 1821(d)(13)(D) because the complaint neither asserted a claim under FIRREA nor constituted an action for payment from, or seeking a determination with respect to, the assets of a depository institution for which the FDIC was receiver. Consequently, the court did not reach alternative arguments and therefore, reversed the decision of the district court and remanded for further proceedings.

United States Court of Appeals
FOR THE DISTRICT OF COLUMBIA CIRCUIT

Argued April 5, 2011 Decided June 24, 2011
No. 10-5245

AMERICAN NATIONAL INSURANCE COMPANY AND AMERICAN
NATIONAL PROPERTY AND CASUALTY COMPANY,
APPELLANTS
FARM FAMILY LIFE INSURANCE COMPANY AND FARM FAMILY
CASUALTY INSURANCE COMPANY,
APPELLANTS
NATIONAL WESTERN LIFE INSURANCE COMPANY,
APPELLANT
v.
FEDERAL DEPOSIT INSURANCE CORPORATION, AS RECEIVER
FOR WASHINGTON MUTUAL BANK, HENDERSON, NEVADA, ET
AL.,
APPELLEES
Appeal from the United States District Court
for the District of Columbia
(No. 1:09-cv-01743)

[ipaper docId=59573679 access_key=key-14gzpm36aak5gmy21dbu height=600 width=600 /]

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