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Litigated Cases

O’Melveny & Myers v. FDIC

O'Melveny & Myers v. FDIC, 512 U.S. 79 (1994) (on brief for FDIC) (holding that, absent a special rule provided by Congress in FIRREA, FDIC, as receiver, stands in the shoes of a failed bank unless state receivership law provides it with greater rights and, therefore, declining to adopt a federal common-law rule providing that—even though the wrongdoing of a bank's insiders is imputable to the bank in a suit by the bank against its legal counsel for professional malpractice—the imputation defense could not be asserted against FDIC as the bank's receiver once the bank failed). Brief of FDIC

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