F.D.I.C. v. AMERICAN CAS. CO.

No. 92-1447.

995 F.2d 471 (1993)

FEDERAL DEPOSIT INSURANCE CORPORATION, an instrumentality of the United States, in its corporate capacity and as the subrogee of the rights of the depositors of Fidelity Federal Savings and Loan Association, Plaintiff-Appellant, and Howard International, Incorporated; Development Funding/highpointe, Incorporated, Plaintiffs, v. AMERICAN CASUALTY COMPANY OF READING, PENNSYLVANIA, INC., Defendant-Appellee, and Philip A. Asplen, Jr., Executor for Gerard A. Heidrick, Jr., deceased; Edmund A. Chrzanowski; Francis A. Korwek; Kendall L. White; Richard M. Smith, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided January 4, 1993.

Amended by Order Filed May 6, 1993.


Attorney(s) appearing for the Case

Eugene Joseph Comey, Comey & Boyd, Washington, DC, argued (Robert F. Schiff, Sean M. Fitzpatrick, Comey & Boyd, Timothy W. Bergin, Paul E. Gutermann, Julia Reynolds Johnson, Squire, Sanders & Dempsey, Colleen B. Bombardier, Sr. Counsel, Lawrence H. Richmond, James P. Flannery, Sr. Atty., F.D.I.C., Washington, DC, on brief), for plaintiff-appellant.

Robert Michael Pozin, Ross, Dixon & Masback, Washington, DC, argued (John R. Gerstein, Thomas T. Locke, Seth D. Berlin, on brief), for defendant-appellee.

Before HAMILTON, Circuit Judge, SPROUSE, Senior Circuit Judge, and YOUNG, Senior United States District Judge for the District of Maryland, sitting by designation.


OPINION

JOSEPH H. YOUNG, Senior District Judge:

I.

Fidelity Savings and Loan Association (Fidelity) was a mutual savings and loan association organized under the laws of the United States, chartered by the Federal Home Loan Bank Board (FHLBB), and located in Baltimore, Maryland. Fidelity's deposits were insured by the Federal Savings and Loan Insurance Corporation (FSLIC). Fidelity purchased a directors...

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