9th Circ. Asked To Weigh In On FDIC Citizenship

Law360, New York (June 22, 2012, 6:41 PM ET) -- An affiliate of homebuilder Lennar Corp. asked the Ninth Circuit Wednesday to review a lower court's ruling that it did not have diversity jurisdiction over a $13 million construction loan involving the Federal Deposit Insurance Corp. because the FDIC is not considered a citizen of any state.

CML-NV Cauldron claims that the FDIC can and should be considered a citizen of the District of Columbia for the purposes of invoking federal diversity jurisdiction, and argues that even if it is “stateless,” that fact should not sink...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required