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LEVIN v. MILLER

No. 12-3474.

763 F.3d 667 (2014)

Elliott D. LEVIN, as Trustee in bankruptcy for Irwin Financial Corporation, Plaintiff-Appellant, v. William I. MILLER, Gregory F. Ehlinger, and Thomas D. Washburn, Defendants-Appellees, and Federal Deposit Insurance Corporation, Intervenor-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided August 14, 2014.

Attorney(s) appearing for the Case

Alfred S. Lurey , Attorney, Kilpatrick Townsend & Stockton, Atlanta, GA, for Plaintiff-Appellant.

James A. Knauer , Attorney, Kevin D. Koons , Attorney, Kroger, Gardis & Regas, Indianapolis, IN, for Defendants-Appellees.

Minodora D. Vancea , Attorney, Federal Deposit Insurance Corporation, Arlington, VA, for Intervenor-Appellee.

Before WOOD, Chief Judge, and EASTERBROOK and HAMILTON, Circuit Judges.

EASTERBROOK, Circuit Judge.

Irwin Financial Corporation, a holding company, entered bankruptcy when its subsidiaries failed. Both subsidiaries were banks (Irwin Union Bank & Trust and Irwin Union Bank, FSB), which the Federal Deposit Insurance Corp. closed and took over in 2009. The banks' asset portfolios had been dominated by mortgage loans, whose value plunged in 2007 and 2008. The FDIC is in the process of collecting the banks' assets and paying their debts...

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