RESOLUTION TRUST CORPORATION, in its capacity as receiver for City Savings, F.S.B., and the Resolution Trust Corporation, in its corporate capacity
v.
CITYFED FINANCIAL CORP.; Richard E. Simmons; K. Michael Defreytas; John W. Atherton, Jr.; Gordon E. Allen; Alfred J. Hedden; Peter R. Kellogg; John Kean, Jr.; Gilbert G. Roessner; George E. Mikula; James P. McTernan; Victor A. Pelson; Marshall M. Criser.
RESOLUTION TRUST CORPORATION, in its capacity as receiver for City Savings, F.S.B.
v.
John W. ATHERTON, Jr.; Gordon E. Allen; Alfred J. Hedden; Peter R. Kellogg; John Kean, Jr.; Gilbert G. Roessner; James P. McTernan.
Resolution Trust Corporation, in its capacity as Receiver for City Savings, F.S.B., Appellant in No. 94-5307.
RESOLUTION TRUST CORPORATION
v.
Alfred J. SCHUSTER; Thomas J. Lynam; Martin R. Siegel; Richard P. Pearlman; Joan C. Moonan, individually and as Executrix of the Estate of Robert J. Moonan; Eugene J. Elias; George Hurley; William B. Brick; James W. Dwyer; Harry H. Jaeger; John R. Hipple; John C. Lauricella; Louis A. Iatarola.
Martin R. Siegel, and Joan C. Moonan, as Executrix of the Estate of Robert J. Moonan and individually, Appellants in No. 94-5308.
United States Court of Appeals, Third Circuit.https://leagle.com/images/logo.png
Argued November 8, 1994.
Decided June 23, 1995.
Attorney(s) appearing for the Case
David M. Fitzgerald (argued), April A. Breslaw, Resolution Trust Corp., Litigation Div., Washington, DC, Gerald A. Liloia, Glenn D. Curving, Riker, Danzig, Scherer, Hyland & Perretti, Morristown, NJ, for Resolution Trust Corp., appellant in No. 94-5307.
Ronald W. Stevens (argued), Kirkpatrick & Lockhart, Washington, DC, for John W. Atherton, Jr., Alfred J. Hedden and Gilbert G. Roessner, appellees in No. 94-5307.
Douglas M. Kraus, Skadden, Arps, Slate, Meagher & Flom, New York City, Bruce I. Goldstein, Saiber, Schlesinger, Satz & Goldstein, Newark, NJ, for Gordon E. Allen, Marshall M. Criser, Peter R. Kellogg, and Victor A. Pelson, appellees in No. 94-5307.
John F. Cooney, Ronald R. Glancz, William D. Coston, Melissa Landau Steinman, Venable, Baetjer, Howard, & Civiletti, Washington, DC, Laura V. Studwell, Orloff, Lowenbach, Stifelman, & Siegel, Roseland, NJ, for John Kean, Jr., appellee in No. 94-5307.
Edward J. Dauber (argued), Jeffrey S. Berkowitz, Greenberg, Dauber & Epstein, P.C., Newark, NJ, for Martin R. Siegel, appellant in No. 94-5308.
J. Shane Creamer (argued), Majorie Obod, Dilworth, Paxson, Kalish & Kauffman, Philadelphia, PA, for Joan C. Moonan, individually and as Executrix of the Estate of Robert J. Moonan, appellant in No. 94-5308.
Daniel Kinburn (argued), Susan L. Hall, Williams, Caliri, Miller & Otley, P.C., Wayne, NJ, Lloyd S. Markind, Margret E. Anderson, Arnelle & Hastie, Cherry Hill, NJ, for Resolution Trust Corp., appellee in No. 94-5308.
Frederic J. Schragger, Law Offices of Frederic J. Schragger, Lawrenceville, NJ, for Alfred J. Schuster, Richard P. Pearlman, Eugene J. Elias, Harry H. Jaeger, appellees in No. 94-5308.
Rudolph A. Socey, Jr., Lenox, Socey, Wilgus, Formidoni, & Casey, Trenton, NJ, for Thomas J. Lynam, in No. 94-5308.
Daniel J. Graziano, Brotman & Graziano, Trenton, NJ, for James W. Dwyer, appellee in No. 94-5308.
Stephen W. Armstrong, Montgomery, McCracken, Walker & Rhoads, Philadelphia, PA, for John C. Lauricella, appellee in No. 94-5308.
Before: BECKER, MANSMANN, and ALITO, Circuit Judges.
United States Court of Appeals, Third Circuit.
OPINION OF THE COURT
BECKER, Circuit Judge.
In 1989, Congress enacted § 212(k) of the Financial Institutions, Reform, Recovery, and Enforcement Act of 1989 ("FIRREA") (codified at 12 U.S.C.A. § 1821(k) (1989)), which provides:
Liability of directors and officers. — A director or officer of an insured depository institution may be held personally liable for monetary damages in any civil action by, on behalf of, or at...
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