R. B. J. Apartments, Inc. v. Gate City Savings & Loan Ass'n

PEDERSON, Justice.

This appeal presents one principal issue:

Is there an implied private right of action for damages against a federally insured savings and loan association for failure to comply with federal flood insurance laws?

We conclude that the federal flood insurance statutes imply no private right of action cognizable in federal law; nor do they establish the appropriate standard of conduct for a common-law negligence action. The judgment is affirmed.

R. B. J. Apartments, Inc. (R. B. J.), is the owner of a large apartment complex in Grand Forks. The complex is located near the drainage…