Dr. Ben S. BRANCH, as Trustee of Bank of New England Corporation, and derivatively on behalf and in the name of Connecticut Bank and Trust Company, N.A. and Maine National Bank, Plaintiff,
v.
FEDERAL DEPOSIT INSURANCE CORPORATION, in its corporate capacity, Federal Deposit Insurance Corporation, in its capacity as receiver for Bank of New England, N.A., Connecticut Bank & Trust Company, N.A., Maine National Bank, Federal Deposit Insurance Corporation, in its capacity as receiver for New Bank of New England, N.A., New Connecticut Bank & Trust Company, N.A., and New Maine National Bank, and Fleet Bank of Massachusetts, N.A., Fleet Bank, N.A., and Fleet Bank of Maine, Defendants.
United States District Court, D. Massachusetts.https://leagle.com/images/logo.png
June 22, 1993.
June 22, 1993.
Attorney(s) appearing for the Case
Richard Hiersteiner, Palmer & Dodge, Boston, MA, for plaintiff John L. Whitlock, Trustee of Bank of New England Corp.
Hugh M. Ray, Andrews & Kurth, Dallas, TX, Van Oliver, Andrews & Kurth, Houston, TX, for plaintiff Ben Branch.
Jon D. Schneider, Goodwin, Proctor & Hoar, Boston, MA, for defendant New Bank of New England, N.A.
Jon D. Schneider, Goodwin, Proctor & Hoar, Deborah S. Griffin, Peabody & Arnold, Boston, MA, for defendants New Connecticut Bank & Trust Co., N.A., New Maine Nat. Bank.
Deborah S. Griffin, Peabody & Arnold, Boston, MA, for defendant F.D.I.C., an agency of U.S., in its corporate capacity and as Receiver for Bank of New England, N.A., as Receiver for Connecticut Bank & Trust Co., N.A. and as Receiver for Maine Nat. Bank.
William W. Abendroth, Boston, MA, for consolidated defendant Fleet Bank-NH.
Deborah S. Griffin, Peabody & Arnold, Boston, MA, Thomas A. Schulz, Charles L. Cope, II, Wendy B. Kloner, Tom M. Reeves, Susan K. Bank, Steven Kaufman, F.D.I.C., Washington, DC, for consolidated defendant F.D.I.C.
United States District Court, D. Massachusetts.
MEMORANDUM AND ORDER
YOUNG, District Judge.
During the late 1980s, Bank of New England Corporation ("BNEC"), a bank holding company, owned numerous subsidiary corporations including three national banks: Bank of New England, N.A. ("BNE"), Connecticut Bank and Trust Company, N.A. ("CBT"), and Maine National Bank ("MNB") (collectively, the "Subsidiary Banks"). In 1989, BNEC and its Subsidiary Banks came under increased...
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