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AMERICAN CAS. CO. OF READING, PA. v. FDIC

Nos. 90-2402, 90-2445.

944 F.2d 455 (1991)

AMERICAN CASUALTY COMPANY OF READING, PENNSYLVANIA, Appellant, v. FEDERAL DEPOSIT INSURANCE CORPORATION; John W. Christensen; John W. Christensen, Jr.; Eric Gustafson; Gunnar E. Hanson; Gerald R. Jensen; Vernon M. Peterson; Chester G. Sjoberg; Donald N. Wieland; and Michael G. Tolzin, Appellees. AMERICAN CASUALTY COMPANY OF READING, PENNSYLVANIA, Appellee, v. FEDERAL DEPOSIT INSURANCE CORPORATION, Appellant. John W. Christensen; John W. Christensen, Jr.; Eric Gustafson; Gunnar E. Hanson; Gerald R. Jensen; Vernon M. Peterson; Chester G. Sjoberg; Donald N. Wieland; and Michael G. Tolzin.

United States Court of Appeals, Eighth Circuit.

Decided September 18, 1991.

Attorney(s) appearing for the Case

David M. Gische, Washington, D.C., argued (Robert M. Pozin and Eleni M. Constantine, Washington, D.C. and David R. Crary, Sioux City, Iowa, on the brief), for appellant.

Maria Beatrice Valdez, Washington, D.C., argued (Robert V. Ginn, Mark J. Daly, Craig A. Knickrehm and Julia L. Gold, Omaha, Neb. and Ann S. Duross, Colleen B. Bombardier, and Richard J. Osterman, Jr., Washington, D.C., on the brief), for appellees.

Before ARNOLD, JOHN R. GIBSON, and LOKEN, Circuit Judges.

ARNOLD, Circuit Judge.

This is an insurance case. At issue is the coverage provided by two policies issued by the American Casualty Company of Reading, Pennsylvania, to the directors and officers of the Farmers National Bank of Aurelia, Iowa.

In the early 1980's the Bank's loan portfolio ran into trouble. The Bank eventually failed, and the FDIC became its receiver. In 1985 the FDIC sued nine former directors and officers of the Bank, alleging negligence in...

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