Federal Deposit Insurance Corp. v. Coleman

DELL, Judge.

Appellant Federal Deposit Insurance Corporation (FDIC), as liquidator of Cari-bank, repudiated appellee’s employment contract with Caribank pursuant to 12 U.S.C. § 1821(e)(3). FDIC appeals from a summary final judgment awarding appellee termination benefits and prejudgment interest pursuant to a termination provision in the contract. We reverse.

On February 22, 1988, appellee began working for Caribank as its president and *1301chief executive officer. Appellee knew Caribank was experiencing financial difficulty when he accepted employment. He sought an employment contract that provided…