FEDERAL DEPOSIT INS. CORP. v. JENNINGS

No. CIV-84-1612-W.

615 F.Supp. 465 (1985)

FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver of Penn Square Bank, N.A., Plaintiff, v. Bill P. JENNINGS; Eldon L. Beller; William G. Patterson; John R. Preston; Carl W. Swan; and C.F. Kimberling, Sr., Defendants, and Peat Marwick Mitchell & Co., a partnership, Additional Party-Defendant.

United States District Court, W.D. Oklahoma.

August 15, 1985.


Attorney(s) appearing for the Case

Richard B. Noulles, Charles C. Baker, David L. Bryant, Gable & Gotwals, Tulsa, Okl., Ted N. Pool, Sherman, Pool, Thompson & Coldiron, Del City, Okl., for plaintiff.

Charles C. Green and Robert Turner, Turner, Turner, Green & Braun, Oklahoma City, Okl., for Jennings.

Richard Talley and L. Keye Farrar, Norman, Okl., for Beller.

Burck Bailey, Warren F. Bickford, IV, Fellers, Snider, Blankenship, Bailey & Tippens, Oklahoma City, Okl., for Patterson.

John Goodman, Oklahoma City, Okl., for Preston.

John W. Vardaman, Jr., Washington, D.C., Peter B. Bradford, Bradford, Haswell & Jones, Oklahoma City, Okl., for Swan.

John E. Green, Asst. U.S. Atty., Oklahoma City, Okl., for the U.S.

Ross Arbiter, Stanley W. Levy, Weinberg, Zipser, Arbiter & Heller, Los Angeles, Cal., Erwin E. Adler, Carol Lynch, Richards, Watson, Dreyfuss & Gershon, Los Angeles, Cal., Gene A. Castleberry, Robert A. Wiener, Oklahoma City, Okl., for Professional Asset Management, Inc.

Gary A. Bryant, G. Blaine Schwabe, III, Mock, Schwabe, Waldo, Elder, Reeves & Bryant, Oklahoma City, Okl., Larry K. Griffis, Butzell, Keidan, Simon, Myers & Graham, Detroit, Mich., for Michigan Nat. Bank, N.A.

J. William Conger, James C. Prince, Hartzog, Conger & Cason, Earl D. Mills, Mills, Whitten, Mills & Mills, Oklahoma City, Okl., Edwin D. Scott, Peat, Marwick, Mitchell & Co., New York City, William E. Hegarty, Mathias E. Mone, Dean Ringer, Cahill, Gordon & Reindel, New York City, for Peat, Marwick, Mitchell & Co.

David T. Hedges, Jr., Vinson & Elkins, Houston, Tex., James E. Work, Shirk, Work, Robinson & Williams, Oklahoma City, Okl., for Coe, Cook, Haugland, Richardson, Smelser, Kenworthy, Randolph and Ross.

James A. Kirk, Kirk & Chaney, Oklahoma City, Okl., for Stubbs.

Robert C. Margo, Oklahoma City, Okl., for Marvin K. Margo, M.D.

Harold M. Durall, Oklahoma City, Okl., for Murphy.

K. Phillip Knierim, Mark S. Simonian, Wood, Lucksinger & Epstein, Los Angeles, Cal., Joan M. Bernott, Special Litigation Counsel, Torts Branch, Civ. Div., U.S. Dept. of Justice, Washington, D.C., for James and Roe.

James W. Bill Berry, Oklahoma City, Okl., Wilmer Cutler Pickering, Washington, D.C., for Burks.

Phillip F. Horning, Horning, Johnson & Grove, Judson M. Fink, Oklahoma City, Okl., for Dunn.


ORDER

LEE R. WEST, District Judge.

Background

The Federal Deposit Insurance Corporation, as Receiver for Penn Square Bank, on behalf of the Bank's depositors and shareholders, has filed suit against the Bank's officers, directors and independent auditors. As to the auditors, Peat, Marwick, Mitchell & Co. ("Peat"), the Receiver alleged negligence, malpractice, and breach of common law duties and professional standards. Peat responded...

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