Glickman v. Coakley

Plaintiff-buyer paid defendant-sellers for an option to purchase their shares in a federally insured bank and thereby give plaintiff-buyer a controlling interest. Believing that the government later barred the sale, the buyer sought the return of his option payment by invoking "termination" provisions in the option agreement. At the close of the evidence in a jury trial, the trial court directed a verdict for defendant-sellers. The court ruled that the buyer could not exercise his contractual "termination" right and recover his payment unless the Federal Reserve Board expressly disapproved…