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FSLIC v. TICKTIN

No. 87-1865.

490 U.S. 82 (1989)

FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, AS RECEIVER FOR MANNING SAVINGS AND LOAN ASSOCIATION v. TICKTIN ET AL.

Supreme Court of United States.

Decided April 3, 1989

Attorney(s) appearing for the Case

Richard G. Taranto argued the cause for petitioner. With him on the brief were Solicitor General Fried, Deputy Solicitor General Merrill, and David A. Felt.

James B. Koch argued the cause for respondents. With him on the brief were Joseph J. Ticktin, pro se, and Irving Faber.

JUSTICE STEVENS delivered the opinion of the Court.

The Federal Savings and Loan Insurance Corporation (FSLIC), in its capacity as receiver of a state-chartered savings and loan association (Association), brought this action in Federal District Court against former directors of the Association claiming damages for breach of their fiduciary duties under Illinois law. The District Court, relying on Circuit precedent,1 held that it had jurisdiction...

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