MCORP FINANCIAL v. BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM OF U.S.

No. 89-2816.

900 F.2d 852 (1990)

MCORP FINANCIAL, INC., MCorp Mgt. and MCorp, Plaintiffs-Appellees, and Official Creditors' Committee of MCorp, MCorp Financial, Inc., and MCorp Mgt., Intervenors-Appellees, v. BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM OF the UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

May 15, 1990.


Attorney(s) appearing for the Case

Jeffrey Clair, William Kanter, Asst. Attys. Gen., Dept. of Justice, Civil Div., Washington, D.C., for defendant-appellant.

Alan B. Miller, Harvey R. Miller, D.J. Baker, Weil, Gotsal & Manges, New York City, Howard N. Cayne, Arnold & Porter, Washington, D.C., for MCorp., et al.

Robert J. Rosenberg, Latham & Watkins, New York City, John P. Lynch, Deborah Corthier Paskin, Latham & Watkins, Chicago, Ill., for Official Creditors', et al.

Before GARZA, WILLIAMS and DAVIS, Circuit Judges.


W. EUGENE DAVIS, Circuit Judge:

The Board of Governors of the Federal Reserve appeals an order of the district court, sitting in bankruptcy, enjoining the Board from pursuing its enforcement actions against MCorp without district court approval. 101 B.R. 483. Because the Board's source of strength proceedings exceed its statutory authority, we remand with instructions to enjoin the Board from further prosecution of these charges. Because...

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