FED. DEPOSIT INS. CORP. v. PORCO


75 N.Y.2d 840 (1990)

Federal Deposit Insurance Corporation, Appellant, v. Daniel A. Porco et al., Respondents, et al., Defendant.

Court of Appeals of the State of New York.

Decided February 13, 1990.


Attorney(s) appearing for the Case

Ira L. Hyams for appellant.

Carol M. Roberts for respondents.

Chief Judge WACHTLER and Judges SIMONS, KAYE, TITONE, HANCOCK, JR., and BELLACOSA concur in memorandum; Judge ALEXANDER taking no part.


MEMORANDUM.

The order of the Appellate Division should be affirmed, with costs, and the certified question answered in the affirmative.

Plaintiff, the receiver of an insolvent bank, obtained a $6,000,000 money judgment in Federal court against a director of the bank's parent corporation, for losses suffered by the bank as a result of the director's involvement in the bank's financial affairs. Several years thereafter...

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