Telegraph Savings & Loan Ass'n v. Federal Savings & Loan Insurance

MEMORANDUM OPINION

GRADY, District Judge.

Plaintiff brings this action to remove the Federal Savings & Loan Insurance Corporation (“FSLIC”) as receiver of its assets and to obtain equitable relief for harm suffered as a result of the sale of those assets. Before the court is the motion for summary judgment of defendants Federal Home Loan Bank Board (“FHLBB”) and FSLIC on Count III. The motion is granted in part and denied in part.

I. FACTS

The uncontroverted facts are as follows. Telegraph Savings and Loan Association (“Telegraph” or “the Association”) was a state chartered, federally insured…