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STILWELL v. OFFICE OF THRIFT SUPERVISION

No. 08-1259.

569 F.3d 514 (2009)

Joseph STILWELL, et al., Petitioners v. OFFICE OF THRIFT SUPERVISION, Respondent.

United States Court of Appeals, District of Columbia Circuit.

Decided July 7, 2009.

Attorney(s) appearing for the Case

Paul M. Smith argued the cause and filed the briefs for petitioners.

Christopher A. Sterbenz, Trial Attorney, U.S. Department of the Treasury, argued the cause for respondent. With him on the brief were Dirk S. Roberts, Deputy Chief Counsel, and Elizabeth R. Helke, Special Counsel.

Gregory Taylor was on the brief for amicus curiae American Bankers Association in support of respondent.

Opinion for the Court filed by Circuit Judge KAVANAUGH.

KAVANAUGH, Circuit Judge.

A new Office of Thrift Supervision regulation allows subsidiaries of mutual holding companies to limit their minority shareholders to 10% of the subsidiary's total minority stock. The idea is to prevent activist minority investors from taking advantage of voting rules that require a majority of the minority shareholders to approve management stock benefit plans. OTS was concerned that large minority...

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