GILMAN v. FEDERAL DEPOSIT INS. CORP.

Nos. 79-1649, 79-1668.

660 F.2d 688 (1981)

Seymour GILMAN and wife, Rosalind K. Gilman, Plaintiffs-Appellees, Cross-Appellants, v. FEDERAL DEPOSIT INSURANCE CORPORATION, Defendant-Appellant, Cross-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided and Filed September 30, 1981.

Rehearing Denied November 18, 1981.


Attorney(s) appearing for the Case

James W. McDonnell, Jr., Wildman, Harrold, Allen, Dixon & McDonnell, Mimi P. White, Memphis, Tenn., for defendant-appellant, cross-appellee.

Ronald Lee Gilman, Farris, Hancock, Gilman, Branan, Lanier & Hellen, Memphis, Tenn., for plaintiffs-appellees, cross-appellants.

Before MERRITT, KENNEDY and BOYCE F. MARTIN, Jr., Circuit Judges.


BOYCE F. MARTIN, Jr., Circuit Judge.

This appeal requires us to decide whether section 7 of the Securities Exchange Act of 1934 and Regulation U, 12 C.F.R. § 221.1(a) create a private federal cause of action for borrowers who have received bank loans, secured by stock, in violation of federal margin requirements. We must also determine whether the Federal Deposit Insurance Corporation (FDIC) in its corporate capacity...

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