7th Circ. Backs FDIC Win In Failed Bank Exec's $30M Suit

Law360, New York (February 4, 2013, 8:55 PM EST) -- The Seventh Circuit on Monday affirmed a lower court’s dismissal of claims by the former chairman of Mutual Bank against the Federal Deposit Insurance Corp. over roughly $30 million that he claimed he and his family is owed after the now-defunct bank slipped into insolvency.

A three-judge panel found that the Administrative Procedure Act claims by former Mutual Bank Chairman Pethinaidu Veluchamy and his family are barred because they are seeking money damages and noted that the APA bars such suits.

The Veluchamy family had sued...
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