Resolution Trust Corp. v. Sands

FITZWATER, District Judge:

In this action by plaintiff Resolution Trust Corporation, in its corporate capacity (“RTC”), to recover from directors and officers of a failed savings and loan on theories of negligence, gross negligence, and breach of fiduciary duty, the RTC moves to strike certain affirmative defenses. One of the principal questions presented by the motion is whether the Supreme Court’s recent decision in O’Melveny & Myers v. FDIC, — U.S. -, 114 S.Ct. 2048, 129 L.Ed.2d 67 (1994), displaces Fifth Circuit law that precludes directors and officers from maintaining certain affirmative…