American Council of Life Insurance v. Ludwig
United States District Court for the District of Columbia
1 F. Supp. 2d 24 (1998)
- Written by Robert Cane, JD
Facts
Under the National Bank Act, national banks could sell insurance only if the place in which the bank was located had a population under 5,000. Magna Bank was a state-chartered bank operating in an area with a population above 5,000. Magna Bank owned subsidiary companies that sold insurance. Magna Bank applied to the United States Comptroller of the Currency, Eugene Ludwig (defendant) to convert its state-chartered bank to a national bank charter and to retain its nonconforming insurance subsidiaries under 12 U.S.C. § 35, which provided for the organization of state banks as national banking associations. The comptroller approved the conversion. The American Council of Life Insurance (plaintiff) sued the comptroller, arguing that § 35 required Magna Bank to divest itself of its nonconforming insurance subsidiaries eventually. The comptroller moved for summary judgment.
Rule of Law
Issue
Holding and Reasoning (Green, J.)
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