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First Pacific Bancorp, Inc. v. Helfer

224 F.3d 1117 (2000)

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First Pacific Bancorp, Inc. v. Helfer

United States Court of Appeals for the Ninth Circuit
224 F.3d 1117 (2000)

  • Written by Robert Cane, JD

Facts

The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (the financial-reform act) provided the Federal Deposit Insurance Corporation (FDIC) (defendant) broad powers and duties to serve as receiver for distressed banks. First Pacific Bancorp, Incorporated (Bancorp) (plaintiff) owned First Pacific Bank, a distressed bank. In 1990, the California Department of Banking appointed the FDIC as receiver for First Pacific Bank. About six years later, the FDIC provided Bancorp with a notice that it was ending its receivership of First Pacific Bank. The FDIC gave Bancorp two pages of unaudited financial information covering the period of receivership. Bancorp requested more information, and the FDIC provided an additional four pages of financial information. Bancorp and its shareholders (plaintiffs) sued the FDIC, seeking an accounting of First Pacific Bank’s financial condition during the time the FDIC served as receiver as required by § 1821(d)(15)(B) of the financial-reform act. The district court granted summary judgment in favor of the FDIC, finding that no private right of action existed. Bancorp and its shareholders appealed.

Rule of Law

Issue

Holding and Reasoning (Molloy, J.)

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