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MAHER v. HARRIS TRUST AND SAV. BANK

No. 95-1103.

75 F.3d 1182 (1996)

Jerome A. MAHER and John R. Gravee, Plaintiffs-Appellants, v. HARRIS TRUST AND SAVINGS BANK, Horizon Federal Savings Bank, F.S.B., and Resolution Trust Corporation, as receiver of Horizon Federal Savings Bank, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided February 5, 1996.

As Modified on Grant of Motion for Clarification February 28, 1996.

Attorney(s) appearing for the Case

John O. Tuohy, Camillo F. Volini (argued), Chicago, IL, for plaintiffs-appellants.

Ann E. Acker, Chapman & Cutler, Chicago, IL, for Harris Trust and Savings Bank.

Wm. Carlisle Herbert (argued), Kathleen M. Burch, Hopkins & Sutter, Chicago, IL, for Horizon Federal Savings Bank, F.S.B.

Wm. Carlisle Herbert, Kathleen M. Burch, Chicago, IL, Karen Caplan, Federal Deposit Insurance Corporation, Washington, DC, for Resolution Trust Corporation.

Before LAY, CUMMINGS and DIANE P. WOOD, Circuit Judges.

CUMMINGS, Circuit Judge.

The issue in this case is whether the creation of trusts established to provide deferred compensation to a bank's top executives, and bonuses paid to those executives, violated 12 C.F.R. §§ 563.39 and 563.39-1 (1987). Those sections prohibit thrift institutions from establishing pension plans and entering employment contracts that "could lead to material financial loss or damage" to the bank. Because we agree that the trusts and...

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