James E. Womble v. J.R. Dixon, III

BUTZNER, Senior Circuit Judge:

James E. Womble and other shareholders of the First Savings and Loan Association of Suffolk appeal the order dismissing their derivative action against the association’s officers and directors, several other persons and a corporation who are alleged to have conspired with the officers and directors, the Federal Savings and Loan Insurance Corporation (FSLIC), and the Federal Home Loan Bank Board (FHLBB). 585 F.Supp. 728. We affirm the judgment with but one slight modification.

I

When Virginia officials closed First Savings because of insolvency, the FHLBB appointed…