United States of America and Government National Mortgage Association v. John C. York

Opinion for the Court filed by Circuit Judge SENTELLE.

SENTELLE, Circuit Judge:

These consolidated eases come to us on appeal from the district court’s grant of summary judgment in favor of the government. The district court held that appellant York Associates’ participation in certain transactions violated a fiduciary duty it owed to the Government National Mortgage Association (“GNMA”). The district court imposed heavy financial penalties on York Associates itself and several other involved parties.

We hold that York Associates owed GNMA no duty to refrain from participating in the…