Magellsen v. Federal Deposit Insurance Corporation

MEMORANDUM OPINION AND ORDER

BATTIN, District Judge.

Plaintiff brings this action against these defendants with jurisdiction based on the Federal Deposit Insurance Act, 12 U.S.C. § 1811, et seq. Specifically, jurisdiction is based on Section 1819, which makes Federal Deposit Insurance Corporation (F.D.I.C.) a corporation which can sue and be sued.

Plaintiff was the major shareholder, managing director and creator of two banks. He applied for insurance with F.D.I.C. on January 15, 1970. This insurance was not favorably acted upon until November 25,1970. Plaintiff alleges:

1. That defendants…