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Webster Groves Trust Company v. Saxon

370 F.2d 381 (1966)

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Webster Groves Trust Company v. Saxon

United States Court of Appeals for the Eighth Circuit
370 F.2d 381 (1966)

  • Written by Robert Cane, JD

Facts

West Side National Bank (West Side) (defendant) applied to the United States Department of the Treasury for a national bank charter. James Saxon (defendant), comptroller of the currency for the Department of the Treasury, oversaw the application. West Side National Bank was to be a competitor to Webster Groves Trust Company (Webster Groves) (plaintiff) and seven other banks. As required, Saxon informed the eight banks of West Side’s application. The president of Webster Groves wrote a letter to Saxon indicating Webster Groves’ opposition to the granting of West Side’s charter and requested a formal hearing. The deputy comptroller agreed to discuss the application in a meeting, but no formal hearing occurred. Saxon ultimately approved West Side’s application for a national bank charter. West Groves and the seven other banks sued Saxon and West Side. The banks sought to have West Side’s charter declared unlawful and have Saxon directed to conduct a formal hearing prior to granting a new charter. The district court entered judgment in favor of Saxon and West Side. Only Webster Groves appealed.

Rule of Law

Issue

Holding and Reasoning (Gibson, J.)

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