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FEDERAL DEPOSIT INS. CORP. v. GREENWOOD

No. 87-3266.

701 F.Supp. 691 (1988)

FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff, v. Russell GREENWOOD, J. Ellis Hicks, John L. Spinner, Myrel L. Whitmyer, and William A. Young, Defendants.

United States District Court, C.D. Illinois, Springfield Division.

December 15, 1988.

Attorney(s) appearing for the Case

Cheryl Ragel Stickel, Mohan, Alewlt & Prillaman, Springfield, Ill., Richard G. Smolev, Sachnoff, Weaver & Rubenstein, Ltd., Chicago, Ill., Marilyn E. Anderson, Federal Deposit Ins. Corp., Washington, D.C., for plaintiff.

Charles E. Holt, Graham & Graham, Springfield, Ill., Kelly D. Long, Hillsboro, Ill., Alan Pretnar, Taylor Springs, Ill., David Duez, Bruce H. Schoumacher, McDermott, Will & Emery, Chicago, Ill., Louis C. Roberts, Christopher J. Graham, Raymond J. Jast, Peterson, Ross, Schloerb & Seidel, Chicago, Ill., for defendants.

OPINION

RICHARD MILLS, District Judge:

Did the FDIC's cause of action accrue when it first acquired the assets of the failed Coffeen National Bank or when Defendants committed their allegedly negligent acts?

The latter: when the cause first could have been sued on.

I

On or about July 12, 1984, the Office of the Comptroller of the Currency ("OCC") ordered that the Coffeen National Bank (the "bank") be closed. The OCC took possession...

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