COM. OF MASS. v. F.D.I.C.

No. 96-1548.

102 F.3d 615 (1996)

COMMONWEALTH OF MASSACHUSETTS, Plaintiff, Appellant, v. FEDERAL DEPOSIT INSURANCE CORPORATION and Federal Deposit Insurance Corporation, as Receiver for Bank Five for Savings, et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided December 19, 1996.


Attorney(s) appearing for the Case

Thomas O. Bean, Assistant Attorney General, Boston, MA, with whom Scott Harshbarger, Attorney General of Massachusetts, was on brief, for plaintiff-appellant.

Mitchell E.F. Plave, Counsel, Washington, DC, with whom Ann S. DuRoss, Assistant General Counsel, and Colleen B. Bombardier, Senior Counsel, were on brief for defendant-appellee FDIC, in its corporate capacity.

Leslie Randolph, Counsel, Washington, DC. with whom Ann S. DuRoss, Assistant General Counsel, and Robert D. McGillicuddy, Senior Counsel, were on brief for defendant-appellee FDIC, as Receiver for Bank Five for Savings, et al.

Before SELYA, CYR and LYNCH, Circuit Judges.


LYNCH, Circuit Judge.

Against the backdrop of a general economic decline and tightened federal bank regulations, Massachusetts suffered forty-eight bank failures between 1987 and 1994. This case is part of the aftermath of that financial crisis. At issue is whether the Commonwealth of Massachusetts, acting under its abandoned property statute, may obtain either the federal deposit insurance proceeds or the pro rata distributions...

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