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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. § 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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