Federal Deposit Insurance v. American Bank Trust Shares, Inc.

HAYNSWORTH, Chief Judge:

This case arises out of the failure of American Bank and Trust Company, a *953branch bank chartered under the laws of the State of South Carolina. The contest is primarily between the Federal Deposit Insurance Corporation, the receiver of the bank and transferee of some of its assets, and a group of shareholders of the holding company which owned the bank’s stock. Each side seeks the exclusive right to maintain and control lawsuits against former officers and directors of the bank. The position of the shareholders is founded upon an attack on the validity of the…