RESOLUTION TRUST CORP. v. FIDELITY & DEPOSIT CO.

No. 98-6368.

205 F.3d 615 (2000)

RESOLUTION TRUST CORPORATION, as Receiver for City Savings, F.S.B., in Receivership, v. FIDELITY AND DEPOSIT COMPANY OF MARYLAND; Willem Ridder; John T. Hurst; Lyndon C. Merkle; Gregory Devany. Federal Deposit Insurance Corporation, as statutory successor to Resolution Trust Corporation, Appellant.

United States Court of Appeals, Third Circuit.

Decided February 4, 2000.


Attorney(s) appearing for the Case

Anthony J. Sylvester, Craig L. Steinfeld, Riker, Danzig, Scherer, Hyland & Perretti, Morristown, NJ, Barbara Sarshik, Ann S. DuRoss, Assistant General Counsel, Colleen J. Boles, Senior Counsel, Daniel Glenn Lonergan (argued), Counsel Federal Deposit Insurance Corporation, Washington, DC, for Appellant.

Gregory R. Haworth (argued), Lauren Debruicker, Duane, Morris & Heckscher LLP, Newark, NJ, for Appellee.

BEFORE: MANSMANN, GREENBERG, and McKEE, Circuit Judges


OPINION OF THE COURT

GREENBERG, Circuit Judge.

I. INTRODUCTION

This appeal arises from a dispute concerning coverage under a savings and loan blanket fidelity bond the appellee, Fidelity and Deposit Company of Maryland ("F & D"), issued to City Federal Savings Bank ("City Federal"), in 1987. In particular, the Federal Deposit Insurance Corporation ("FDIC"), as statutory successor to the Resolution Trust Company ("RTC"),

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