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NATIONAL LOAN INVESTORS L.P. v. TOWN OF ORANGE

Nos. 434, 827, Docket 99-7281, 99-7309.

204 F.3d 407 (2000)

NATIONAL LOAN INVESTORS L.P., Plaintiff-Appellant-Cross-Appellee, v. TOWN OF ORANGE; Arthur Williams, Defendants, Water Pollution Control Authority, Defendant-Appellee-Cross-Appellant.

United States Court of Appeals, Second Circuit.

Decided February 25, 2000.

Attorney(s) appearing for the Case

Frederic S. Ury, Westport, CT (Deborah M. Garskof, Ury & Moskow, L.L.C., on the brief), for Plaintiff-Appellant-Cross-Appellee.

John W. Colleran, New Haven, CT (John W. Colleran, P.C., Jeffrey M. Donofrio, Ciulla & Donofrio, LLP, on the brief), for Defendant-Appellee-Cross-Appellant.

Before: JACOBS, CALABRESI, and SOTOMAYOR, Circuit Judges.

JACOBS, Circuit Judge:

One section of the Financial Institutions Reform, Recovery and Enforcement Act ("FIRREA") provides that the Federal Deposit Insurance Corporation ("FDIC"), when acting as a receiver, "shall not be liable for any amounts in the nature of penalties or fines." 12 U.S.C. § 1825(b)(3). The FDIC acted as receiver of an insolvent bank that held a mortgage on a parcel of land in Orange, Connecticut, which...

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