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ADAMS v. ZIMMERMAN

Nos. 94-2161, 94-2162, 94-2246 and 94-2247.

73 F.3d 1164 (1996)

Levi C. ADAMS, et al., Plaintiffs, Appellees, v. ZIMMERMAN, et al., Defendants, Appellees. Federal Deposit Insurance Corporation, Defendant, Appellant. Levi C. ADAMS, et al., Plaintiffs, Appellants, v. ZIMMERMAN, et al., Defendants, Appellees. Federal Deposit Insurance Corporation, Defendant, Appellee. Levi C. ADAMS, et al., Plaintiffs, Appellees, v. ZIMMERMAN, et al., Defendants, Appellees. Federal Deposit Insurance Corporation, Defendant, Appellant. Levi C. ADAMS, et al., Plaintiffs, Appellants, v. ZIMMERMAN, et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided January 19, 1996.

Attorney(s) appearing for the Case

Vincent M. Amoroso, with whom Harry A. Pierce and Parker, Coulter, Daley & White, Boston, MA, were on brief, for plaintiffs.

J. Scott Watson, Federal Deposit Insurance Corporation, with whom David S. Mortensen, Glenn D. Woods, and Tedeschi, Grasso and Mortensen, Boston, MA, were on brief, for defendant Federal Deposit Insurance Corporation.

Before TORRUELLA, Chief Judge, LYNCH, Circuit Judge, and STEARNS, District Judge.

LYNCH, Circuit Judge.

A troubled condominium development led to these appeals, which raise issues of federal banking law: whether 12 U.S.C. § 1823(e) and D'Oench, Duhme & Co. v. FDIC, 315 U.S. 447, 62 S.Ct. 676, 86 L.Ed. 956 (1942), shield the FDIC, as receiver for a failed bank, from liability for the bank's sale of unregistered securities. We hold that the FDIC has no such shield and is liable, but remand for adjustment...

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