Federal Deposit Insurance v. Loube

MEMORANDUM AND ORDER

WEIGEL, District Judge.

This case arises out of the failure of the First Security Savings Bank (“First Security”). Defendant Irving Loube was director, chairman, and one of the shareholders of First Security.

On July 21,1988, the Federal Home Loan Bank Board appointed the Federal Savings and Loan Insurance Corporation (“FSLIC”) as receiver for First Security. FSLIC-Receiver then assigned all claims First Security might have against its former officers, directors, shareholders, or controlling persons to the FSLIC in its corporate capacity. FSLIC-Corporate filed this suit. On…