George C. Hillman and Lars I. Ivarson v. Resolution Trust Corporation

CUMMINGS, Circuit Judge.

The Resolution Trust Corporation (“RTC”), as receiver for Independence Federal Savings (“Independence”), sought to recover on a group of notes (the “Notes”) written by plaintiffs and held by the bank. Plaintiffs defended against collection on the Notes while also bringing a fraud claim against the RTC as receiver for Independence. Neither side emerged victorious: the district judge granted the RTC summary judgment on its collection attempt but held that plaintiffs could proceed with their fraud claim based on statements contained in an offering memorandum. The RTC…