Federal Deposit Insurance v. Bell

JOHN P. MOORE, Circuit Judge.

The question presented by this appeal is whether the rule of Langley v. Federal Deposit Ins. Corp., 484 U.S. 86, 108 S.Ct. 396, 98 L.Ed.2d 340 (1987), applies to an alleged failure to disclose a material fact. We hold that it does, and therefore the Federal Deposit Insurance Corporation is *65entitled to the shield provided by 12 U.S.C. § 1823(e).

Oklahoma Refining Company (ORC), an Oklahoma general partnership, owned and operated two oil refineries and a pipeline system. The partners of ORC were An-Son Transportation Company, which held a 66% share, and Atex Refining…