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HOWELL v. F.D.I.C.

No. 92-1542.

986 F.2d 569 (1993)

Bruce A. HOWELL, et al., Plaintiffs, Appellants, v. FEDERAL DEPOSIT INSURANCE CORPORATION as receiver for Eliot Savings Bank, Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided February 17, 1993.

Attorney(s) appearing for the Case

Edwin A. McCabe with whom Karen Chinn Lyons, Joseph P. Davis, III, The McCabe Group, and Lawrence Sager, Cambridge, MA, were on brief for plaintiffs, appellants.

Lawrence H. Richmond, Counsel, with whom Ann S. DuRoss, Asst. Gen. Counsel, Colleen B. Bombardier, Sr. Counsel, F.D.I.C., Washington, DC, John C. Foskett, Michael P. Ridulfo and Deutsch Williams Brooks DeRensis Holland & Drachman, P.C., Boston, MA, were on brief for defendant, appellee.

Before BREYER, Chief Judge, HIGGINBOTHAM, Senior Circuit Judge, and BOUDIN, Circuit Judge.

BOUDIN, Circuit Judge.

Appellants in this case are former officers of a failed bank. They sued the FDIC as the bank's receiver when the FDIC disallowed their claims for severance pay under their contracts with the bank. The district court sustained the FDIC, reasoning that Congress had restricted such claims. Although the statute in question is not easily construed and the result is a severe one, we believe that the officers' claims fail, and we sustain the district...

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