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

No. 92-2457.

16 F.3d 152 (1994)

AMERICAN CASUALTY COMPANY OF READING, PENNSYLVANIA, Plaintiff-Appellee, v. FEDERAL DEPOSIT INSURANCE CORPORATION, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided February 3, 1994.

Attorney(s) appearing for the Case

Christian Preus (argued), William M. Hart, Meagher & Geer, Minneapolis, MN, for plaintiff-appellee.

Lowell E. Sachnoff (argued), Richard G. Smolev, Judi A. Lamble, Carolyn H. Rosenberg, Sachnoff & Weaver, Chicago, IL, Janet A. Jenkins, Johns & Flaherty, La Crosse, WI, Robert A. Patrick, F.D.I.C., Washington, DC, for defendant-appellant.

Before CUMMINGS and COFFEY, Circuit Judges, and ZAGEL, District Judge.

CUMMINGS, Circuit Judge.

In June 1986 the Wisconsin Bank Commissioner declared the American Bank of Alma, Wisconsin (the "Bank") to be insolvent, and the Federal Deposit Insurance Company (the "FDIC") was appointed the Bank's receiver. In June 1989 the FDIC commenced suit against the former directors of the Bank in Wisconsin state court, alleging, inter alia, breach of fiduciary duty, and seeking to recover approximately five million dollars. Although it did...

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