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IN RE FRANKLIN NAT. BANK SEC. LITIGATION

No. 354, Docket 75-7434.

532 F.2d 842 (1976)

In re FRANKLIN NATIONAL BANK SECURITIES LITIGATION et al., Plaintiffs, and Federal Deposit Insurance Corporation, Plaintiff-Appellee, v. Raymond T. ANDERSEN et al., Defendants, and Loews Corporation, Defendant-Appellant.

United States Court of Appeals, Second Circuit.

Decided March 22, 1976.

Attorney(s) appearing for the Case

Herbert M. Wachtell, New York City (Theodore Gewertz and Allan A. Martin, Wachtel, Lipton, Rosen & Katz, New York City, of counsel), for appellant.

Amalya L. Kearse, New York City (Susan L. Thorner, Hughes Hubbard & Reed, New York City, of counsel), for appellee.

Before MOORE, OAKES and MESKILL, Circuit Judges.

OAKES, Circuit Judge:

We hold in a case of first impression that the Federal Deposit Insurance Corporation (FDIC) may by virtue of its statutory authority, 12 U.S.C. § 1819(4),1 and its status as a receiver of a national bank,2 remove a derivative suit to federal court despite the fact that its interest in the litigation is as a party plaintiff and only a "defendant or defendants" may remove generally...

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