COFC Correct Venue For FDIC Contract Suit: Fed. Circ.

Law360, New York (January 28, 2011, 5:51 PM EST) -- The Federal Circuit determined Friday that the U.S. Court of Federal Claims has jurisdiction to hear a shareholder class action alleging the U.S. government breached its agreement with Meritor Savings Bank over the bank's 1982 acquisition of a failing institution.

In a 6-4 decision en banc, the U.S. Court of Appeals for the Federal Circuit reinstated its 2009 affirmation of a finding that the Federal Deposit Insurance Corp. had breached its contractual obligations to the bank and was liable to the plaintiffs for more than $275...
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