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FINANCIAL INST. RET. F. v. OFFICE OF THRIFT SUPER.

No. 90 Civ. 6895 (GLG).

766 F.Supp. 1302 (1991)

FINANCIAL INSTITUTIONS RETIREMENT FUND, Plaintiff, and The Federal Home Loan Bank of Boston, the Federal Home Loan Bank of New York, the Federal Home Loan Bank of Pittsburgh, the Federal Home Loan Bank of Atlanta, the Federal Home Loan Bank of Cincinnati, the Federal Home Loan Bank of Indianapolis, the Federal Home Loan Bank of Chicago, the Federal Home Loan Bank of Des Moines, the Federal Home Loan Bank of Dallas, the Federal Home Loan Bank of Topeka, the Federal Home Loan Bank of San Francisco, and the Federal Home Loan Bank of Seattle, Intervenors/Plaintiffs, v. OFFICE OF THRIFT SUPERVISION and T. Timothy Ryan, Director, Office of Thrift Supervision, Defendants. Thomas A. BARNES, Barry S. Burke, Ronald B. Carreker, Charles A. Deardorff, Allen Dermody, Bill Durbin, Jane Marie Johnson, Ronald R. Lake, Penny D. Marshall, Office of Thrift Supervision, and T. Timothy Ryan, Director, Office of Thrift Supervision, Counterclaim Plaintiffs, v. James R. FAULSTICH, Ronald R. Morphew, John W. Bagwill, Jr., George M. Barclay, John A. Becker, J.C. Benage, Leo B. Blaber, Jr., James M. Cirona, Ramiro Luis Colon, Jr., Thurman C. Connell, Brian D. Dittenhafer, Lyle R. Grimes, Michael A. Jessee, Jerry H. Lassiter, Frank A. Lowman, Ellen Ann Roberts, James D. Roy, Robert E. Showfety, Robert F. Stoico, Charles L. Thiemann, Norman L. Tirey, Roy E. Webber, and John B. Zanetti, individually and as Directors of the Financial Institutions Retirement Fund, Counterclaim Defendants.

United States District Court, S.D. New York.

July 18, 1991.

Attorney(s) appearing for the Case

Patterson, Belknap, Webb & Tyler, New York City (Thomas C. Morrison, Karen Stefflre, of counsel), for plaintiff.

Kirkpatrick & Lockhart, Washington, D.C. (Charles Lee Eisen, Christopher M. McMurray, of counsel), Kirkpatrick & Lockhart, Pittsburgh, Pa. (William T. Cullen, of counsel), Richards Spears Kibbe & Orbe, New York City (Lee S. Richards, of counsel), for intervenors/plaintiffs.

Groom & Nordberg, Washington, D.C. (William F. Hanrahan, Gary M. Ford, of counsel), Office of Thrift Supervision, Jersey City, N.J. (Eric Levine, of counsel), for defendants and counterclaim plaintiffs.

OPINION

GOETTEL, District Judge:

This case presents a very unique situation involving the rights to surplus cash accumulated by a multi-employer pension fund established by various financial institutions, including savings and loans, savings banks, and commercial banks. The novelty of this case is not limited to the legal issues before us. Indeed, in light of today's economy, we had thought that terms surplus cash and financial institutions were mutually...

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