United Western Fights OTS, FDIC Seizure

Law360, New York (February 18, 2011, 7:04 PM EST) -- United Western Bancorp Inc. on Friday said it had launched a legal challenge of the Office of Thrift Supervision and the Federal Deposit Insurance Corp.’s seizure of United Western Bank last month, arguing the move was unjustified.

The Denver-based holding company said it filed suit in the U.S. District Court for the District of Columbia alleging the OTS and FDIC lacked grounds for placing the bank in receivership and acted arbitrarily and capriciously in appointing the FDIC receiver.

According to the company, the OTS issued the...
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