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GAFF v. FEDERAL DEPOSIT INS. CORP.

No. 88-1566.

919 F.2d 384 (1990)

Joel R. GAFF, on behalf of himself, as a class action on behalf of all others similarly situated, and as a stockholder's derivative action for the benefit of the corporation, Plaintiff-Appellant, Federal Deposit Insurance Corporation, in its corporate capacity Intervening Plaintiff, v. FEDERAL DEPOSIT INSURANCE CORPORATION, Receiver of National Bank & Trust Co. of Traverse City, a National Banking Association, et al; David E. Pearce; Bruce W. Mann; and other unknown defendants, Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

November 19, 1990.

Attorney(s) appearing for the Case

J. Bruce Donaldson (argued), Dykema, Gossett, Spencer, Goodnow & Trigg, Bloomfield Hills, Mich., Stuart D. Hubbell, Hubbell & Hubbell, Traverse City, Mich., for plaintiff-appellant.

Stephen Novak (argued), Kenneth S. Schlesinger, Eric N. Macey, Novack & Macey, Chicago, Ill., Larry C. Willey, Grand Rapids, Mich., for Federal Deposit Ins. Corp.

Richard A. Rossman, Pepper, Hamilton & Scheetz, Detroit, Mich., Mark W. Yonkman, Pepper, Hamilton & Scheetz, Philadelphia, Pa., Richard A. Wilhelm, Lawrence Campbell, Dickinson, Wright, Moon, Van Dusen & Freeman, Detroit, Mich., for defendants-appellees.

Before MERRITT, Chief Judge, NELSON, Circuit Judge, and LIVELY, Senior Circuit Judge.

MERRITT, Chief Judge.

The National Bank of Traverse City, a small national bank in Michigan with approximately $100 million in deposits, became insolvent due to alleged fraud and mismanagement. The Comptroller of the Currency declared the Bank insolvent and the Federal Deposit Insurance Corporation (FDIC) took over the Bank as receiver, pursuant to 12 U.S.C. § 1821(c) (1988), amended by 12 U.S.C.A. § 1821(c) (West 1989). The FDIC made approximately...

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