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CONDUS v. HOWARD SAV. BANK

Nos. Civ. 89-5131(WGB), Civ. 91-2465(WGB) and Civ. 90-2397(WGB).

986 F.Supp. 914 (1997)

Augustus CONDUS, Christopher C. Harding, John D. Connor, Abram Schmier, Howard Phillips and David Oltchick, Plaintiffs, v. HOWARD SAVINGS BANK and The Federal Deposit Insurance Corporation, as Receiver for Howard Savings Bank, Defendants. Leo A. GUTMAN and Georgia Gutman, as Joint Tenants, Plaintiffs, v. HOWARD SAVINGS BANK and The Federal Deposit Insurance Corporation, as Receiver for Howard Savings Bank, Defendants.

United States District Court, D. New Jersey.

December 4, 1997.

Attorney(s) appearing for the Case

Jared B. Stamell, Stamell & Schager, LLP, New York City, Joseph J. Tabacco, Jr., Berman Devalerio Pease & Tabacco, LLP, San Francisco, CA, for Plaintiffs.

Robert Novack, Kenneth J. Cesta, Edwards & Angell, Short Hills, NJ, Ealy Bennett, Federal Deposit Insurance Corporation, Legal Division, East Hartford, CT, for Defendant Federal Deposit Insurance Corporation.

OPINION

BASSLER, District Judge.

Defendants object to the introduction into evidence of Plaintiffs' Exhibits 57, 67, and 68 on the ground that they constitute inadmissible hearsay. For the reasons set forth below, Defendants' objection is overruled.

I. BACKGROUND

In early 1990, the Governance Committee of Howard Savings Bank ("Howard") hired Speer & Associates ("Speer") to make an independent assessment of the quality...

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