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F.D.I.C. v. MAXXAM, INC.

No. 05-20808.

523 F.3d 566 (2008)

FEDERAL DEPOSIT INSURANCE CORPORATION, As manager of the FSLIC Resolution Fund; Plaintiff-Appellant, v. MAXXAM, INC., Intervenor Plaintiff-Appellee, v. Charles E. Hurwitz, et al., Defendants, Charles E. Hurwitz; Defendant-Appellee, Federated Development Co., Intervenor Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

April 3, 2008.

Attorney(s) appearing for the Case

Frank Thomas Hecht, Kathleen Holper Champagne, Ungaretti & Harris, Chicago, IL, James A. Brown, Gene W. Lafitte, Sr. (argued), Liskow & Lewis, New Orleans, LA, Colleen J. Boles, FDIC, Jonathan Goldman Cedarbaum, Kelley Brooke Snyder, Randolph Moss, Paul R. Wolfson, WilmerHale, Washington, DC, for FDIC.

David J. Beck (argued), Russell Stanley Post, Beck, Redden & Secrest, Jacks C. Nickens, Nickens, Keeton, Lawless, Farrell & Flack, Houston, TX, for Appellees.

Stephen D. Susman, Susman Godfrey, Houston, TX, for Maxxam, Inc.

Before HIGGINBOTHAM, GARZA and BENAVIDES, Circuit Judges.

PATRICK E. HIGGINBOTHAM, Circuit Judge:

This case arises from the failure of the United Savings Association of Texas in 1988, estimated to have cost taxpayers $1.6 billion.1 The Federal Deposit Insurance Corporation sued Charles Hurwitz in federal district court for his alleged involvement in the failure of the large Texas thrift. At the behest of the FDIC, the Office of Thrift Supervision pursued similar allegations against Hurwitz and...

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