Coit Independence Joint Venture v. Firstsouth, F.A.

Coit Independence Joint Venture appeals the dismissal, for lack of subject matter jurisdiction, of a suit against a savings and loan association in federal receivership. We affirm.

I. BACKGROUND

From 1988 to 1986, the Coit Independence Joint Venture received several loans and engaged in other dealings with First-South, a federal savings association. Coit and FirstSouth fell out, and Coit sued First-South in Texas court in October 1986, for usury, breach of fiduciary duty, and breach of the duty of good faith and fair dealing. In December 1986, the Federal Home Loan Bank Board (FHLBB) declared…