Federal Deposit Insurance v. Jeff Miller Stables

I concur with the lead opinion in this case. But I write separately to further explain why I believe that the district court did not err in holding Jeff liable to the FDIC for the approximately $1.9 million benefit conferred on MBS by Steve’s embezzlement from ODBC. This discussion pays particular attention to the rationale underlying the fraud-on-the-partnership exception in explaining why Jeff was unable to successfully invoke the doctrine as a defense to the FDIC’s unjust-enrichment claim.

Steve of course knew that MBS was enriched to the tune of $1.9 million that he had embezzled from…