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REICH v. WEBB

No. 18457.

336 F.2d 153 (1964)

Bernard REICH and Sylvia Reich, Depositors and members of the Beverly Hills Federal Savings and Loan Association, individually and in behalf of Beverly Hills Federal Savings and Loan Association and the other members of said association similarly situated, Appellants, v. Eugene WEBB, Jr., et al., Appellees.

United States Court of Appeals Ninth Circuit.

August 18, 1964.

Attorney(s) appearing for the Case

Jack Corinblit, Vaughan, Brandlin, Robinson & Roemer, Los Angeles, Cal., for appellants.

Glen R. Miller, Beverly Hills, Cal., Thomas N. Dowd, Robert B. Hankins, Washington, D. C., for appellee Beverly Hills Federal Savings & Loan Ass'n.

Rodney K. Potter, O'Melveny & Myers, Los Angeles, Cal., for appellee Lytton Financial Corp.

Rodney K. Potter, O'Melveny & Myers, Los Angeles, Cal., for appellees Bart Lytton, and others.

Richard P. Byrne, Los Angeles, Cal., MacCracken, Collins & Hawes, Philip R. Collins, Washington, D. C., for appellee Federal Home Loan Bank Board.

John P. Pollock, Max F. Deutz, Pollock & Deutz, Los Angeles, Cal., for appellees Webb, Matthews and others.

Before BARNES, MERRILL and KOELSCH, Circuit Judges.

KOELSCH, Circuit Judge.

The narrow question before us on this appeal is whether the district court properly refused appellant's motion to intervene as a matter of right pursuant to Rule 24(a) (2) or (3), F.R.Civ.P. The answer depends upon whether the Federal Home Loan Bank Board has the power to enforce by court action common law fiduciary responsibilities of savings and loan association officers and directors. For reasons hereafter appearing, we conclude that the...

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