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Atherton v. FDIC

Atherton v. FDIC, 519 U.S. 213 (1997) (on brief for FDIC) (holding that a federal common-law rule providing for bank director-and-officer liability based upon simple negligence was displaced by the Erie Doctrine, but agreeing with FDIC that 12 U.S.C. ยง 1821(k) (i) displaces state law to the extent it requires proof of intentional misconduct and replaces it with a standard of gross negligence, and (iii) permits FDIC to rely upon a simple negligence standard to the extent permissible by state law) (overruling Resolution Trust Corp. v. Chapman, 29 F.3d 1120, 1124 (7th Cir.1994), which held that 1821(k) displaces all state-law liability standards and replaces them with a federal gross-negligence standard. See Berger v. AXA Network LLC, 459 F.3d 804, 810 n.8 (7th Cir. 2006)). Brief of FDIC

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