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VELUCHAMY v. F.D.I.C.

No. 10-3879.

706 F.3d 810 (2013)

Pethinaidu VELUCHAMY, et al., Plaintiffs-Appellants, v. FEDERAL DEPOSIT INSURANCE CORP., in its capacity as receiver for Mutual Bank, Harvey, Illinois, and in its corporate capacity, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided February 4, 2013.

Attorney(s) appearing for the Case

Chad A. Schiefelbein (argued), Attorney, Vedder Price P.C., Chicago, IL, for Plaintiffs-Appellants.

Michelle Ognibene , Minodora D. Vancea (argued), Federal Deposit Insurance Corporation, Arlington, VA, Thomas P. Walsh , Office of the United States Attorney, Chicago, IL, for Defendant-Appellee.

Before MANION, WILLIAMS, and HAMILTON, Circuit Judges.

WILLIAMS, Circuit Judge.

Plaintiffs, members of the Veluchamy family and the Veluchamy Family Foundation, controlled Mutual Bank. In an effort to save the bank from insolvency and at the request of FDIC-Corporate, they raised about $30 million mostly in the form of note purchases. But after that money was raised in 2008, FDIC-Corporate requested another $70 million to keep the bank open, and Plaintiffs were not able to get that funding. In May and June 2009, regulators...

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