Opinion · Court of Appeals for the Second Circuit

Circle Industries, Division of Nastasi-White, Inc. v. City Federal Savings Bank

931 F.2d 7

Type
Opinion
Court
Court of Appeals for the Second Circuit
Jurisdiction
Federal
Date
1991-04-25
Topic
finance

How later courts describe this case

  • “In enacting FIRREA, Congress intended litigants like Circle Industries to first submit their claims against failed savings and loan institutions to the RTC or FDIC before commencing an action in district court.”

Citator

UpLaw has not yet analyzed Circle Industries, Division of Nastasi-White, Inc. v. City Federal Savings Bank. The absence of a flag is not a finding that it is good law.

Cited by
10 opinions
CIRCLE INDUSTRIES v. CITY FEDERAL SAV. BANK,931 F.2d 7(2nd Cir. 1991)
CIRCLE INDUSTRIES, DIVISION OF NASTASI-WHITE, INC., Plaintiff-Appellant,
v. CITY FEDERAL SAVINGS BANK, Crestmont Savings and Loan Association,
Elysian Federal Bank, Colonial Savings Bank, National Westminster Bank NJ,
First Jersey Savings and Loan Association, Statewide Savings Bank,
Alexander Hamilton Savings and Loan Association, Interboro Savings and
Loan Association, Nutley Savings and Loan Association, Lakeview Savings
and Loan Association, Pulawski Savings and Loan Association, West Essex
Savings Bank, Columbia Savings and Loan Association, and First Nationwide
Federal Savings Bank, Defendants-Appellees.
No. 1336, Docket 90-9029.
United States Court of Appeals, Second Circuit.
Submitted March 28, 1991.
Decided April 25, 1991.
Appeal from a judgment of the United States District Court for the Eastern District of New York, Arthur D. Spatt, Judge.Page 8
Shaw, Licitra, Esernio Schwartz, Garden City, N.Y. (Edward P. Frey, Joel L. Carr, Garden City, N.Y., of counsel), for plaintiff-appellant Circle Industries.

Sills Cummis Zuckerman Radin Tischman Epstein Gross, New York City, for Resolution Trust Corp., as Receiver of defendant-appellee City Federal Sav. Bank.

Cassidy, Foss San Filippo, Red Bank, N.J., for Resolution Trust Company as Receiver of defendants-appellees Colonial Sav. Bank, Elysian Federal Bank, First Jersey Savings and Loan Association, and Alexander Hamilton Savings and Loan Association (Theodore L. Abeles, New York City, Paul G. Kostro, Red Bank, N.J., Richard T. Aboussie, Asst. Gen. Counsel, Thomas L. Hindes, Sr. Counsel, Michael P. Condon, Counsel, Resolution Trust Corp., Washington, D.C., Ann S. DuRoss, Asst. Gen. Counsel, Colleen Bombardier, Sr. Counsel, Christopher J. Bellotto, Counsel, Federal Deposit Ins. Corp., Washington, D.C., of counsel).

Clapp Eisenberg, Newark, N.J. (Jeffrey W. Lorell, Newark, N.J., of counsel), filed a letter on behalf of defendants-appellees First Jersey Sav. and Loan Ass'n, Statewide Sav. Bank, Alexander Hamilton Sav. and Loan Ass'n, Nutley Sav. and Loan Ass'n, Lakeview Sav. and Loan Ass'n, Pulawski Sav. and Loan Ass'n, West Essex Sav. Bank and First Nationwide Federal Sav. Bank, joining parts of brief of Resolution Trust Corp.

Schumann, Hanlon, O'Connor McCrossin, Jersey City, N.J. (William D. Joachim, Jersey City, N.J., of counsel), filed a letter on behalf of defendant-appellee Columbia Sav. and Loan Ass'n, joining brief of Resolution Trust Corp.
Before OAKES, Chief Judge, and KEARSE and McLAUGHLIN, Circuit Judges.
PER CURIAM:
Plaintiff Circle Industries ("Circle") appeals from a final judgment of the United States District Court for the Eastern District of New York, Arthur D. Spatt, Judge, dismissing its complaint seeking damages from defendant financial institutions in connection with the financing of a real estate development project for which defendant City Federal Savings Bank ("City Federal") was lead lender. Noting that the Resolution Trust Corporation ("RTC"), a federal agency, had been appointed receiver for City Federal and for defendants Colonial Savings Bank ("Colonial") and Elysian Federal Bank ("Elysian"), the court dismissed the complaint against City Federal, Colonial, and Elysian for lack of subject matter jurisdiction because Circle had failed to exhaust the administrative claim determination procedures mandated by § 212 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA"), P.L. 101-73, 103 Stat. 183,see12 U.S.C.A. § 1821(d)(3)et seq.(West 1989); the court dismissed the complaint against the remaining defendants on the ground that City Federal was an indispensable party. On appeal, Circle contends principally that FIRREA does not require administrative exhaustion of Circle's claims against the institutions for which RTC is receiver. We reject all of its contentions and affirm substantially for the reasons stated by Judge Spatt in his opinion dated October 16, 1990, published at749 F. Supp. 447.

The judgment dismissing the complaint is affirmed.Page 177