Federal Deposit Insurance ex rel. American Diversified Savings Bank v. O'Melveny & Meyers

POOLE, Circuit Judge:

The Federal Deposit Insurance Corporation (“FDIC”), as receiver for the failed savings and loan association American Diversified Savings Bank (“ADSB”), sued the law firm of O’Melveny & Meyers (“O’Mel-*746veny” or “the Firm”) claiming professional negligence in connection with its legal advice and services to ADSB. After reviewing de novo the district court’s grant of O’Melveny’s summary judgment motion, we reverse and remand to the district court for further proceedings.

I

Facts and Procedural History1

ADSB was acquired in 1983 by Ranbir Sahni and Lester Day. Sahni served as…