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HINDES v. F.D.I.C.

No. 97-1354.

137 F.3d 148 (1998)

Gary E. HINDES, Samuel Rappaport, Raymond Perelman, Gary Erlbaum, Daniel Neduscin, individually and derivatively for Meritor Savings Bank, f/k/a The Philadelphia Savings Fund Society, Appellants, v. The FEDERAL DEPOSIT INSURANCE CORPORATION, in its corporate capacity and as receiver for Meritor Savings Bank, f/k/a The Philadelphia Savings Fund Society; John/Jane Does 1-10, Directors, Officers, Agents, and Employees of the Federal Deposit Insurance Corporation; and Richard C. Rishel, in his official capacity as the Secretary of Banking of the Commonwealth of Pennsylvania.

United States Court of Appeals, Third Circuit.

Decided February 19, 1998.

Attorney(s) appearing for the Case

Ken Carroll (Argued), Kortney Kloppe-Orton, Carrington, Coleman, Sloman & Blumenthal, L.L.P., Dallas, TX, Richard L. Bazelon, A. Richard Feldman, Bazelon & Less, Philadelphia, PA, for Appellants.

Ann S. DuRoss, Assistant General Counsel, Maria Beatrice Valdez, Acting Senior Counsel, Thomas C. Bahlo (Argued), Counsel, Federal Deposit Insurance Corporation, Washington, DC, for Appellee Federal Deposit Insurance Corporation in its Corporate Capacity.

David Smith, Rolin P. Bissell, Theresa E. Loscalzo, Schnader, Harrison, Segal & Lewis, Philadelphia, PA, John J. Graubard (Argued), Colleen J. Boles, Charlotte M. Kaplow, David A. Birch, Federal Deposit Insurance Corporation Legal Division, East Hartford, CT, for Appellee Federal Deposit Insurance Corporation as Receiver for Meritor Savings Bank.

D. Michael Fisher, Daniel J. Doyle (Argued), Calvin R. Koons, John G. Knorr, III, Office of Attorney General Litigation Section, Harrisburg, PA, for Appellee Secretary of Banking of the Commonwealth of Pennsylvania.

Before: GREENBERG, ROTH, and SEITZ, Circuit Judges.

OPINION OF THE COURT

GREENBERG, Circuit Judge.

I. INTRODUCTION

Gary E. Hindes, and other shareholders of Meritor Savings Bank ("Meritor"), appeal from various district court orders dismissing their claims against the Federal Deposit Insurance Corporation ("FDIC") and the Pennsylvania Secretary of Banking ("Secretary"). Appellants contend that the appellees wrongfully seized Meritor, thereby depriving them of their substantive due process rights...

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