FDIC Can't Move Suit Without Being A Party To It: 9th Circ.

Law360, New York (March 15, 2013, 4:47 PM EDT) -- The Ninth Circuit ruled Friday that the Federal Deposit Insurance Corp. jumped the gun in moving a former OneUnited Bank real estate unit employee’s wrongful termination suit against the bank to federal court, finding the agency could only do that if it were a party in the state suit.

A three-judge panel affirmed a lower court order remanding former OneUnited manager Tracy Allen’s suit against the bank to California state court, rejecting the agency’s argument that has it has an interest in the case — and...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.