Beverly Hills Federal Savings & Loan Ass'n v. Federal Home Loan Bank Board

MEMORANDUM OF DECISION

Plaintiff, Beverly Hills Federal Savings and Loan Association (hereinafter “the Association”), invoking the jurisdiction provided under 12 U.S.C. § 1464 (d)(1), The Home Owners Loan Act of 1933, as amended, commenced this action on February 20, 1962, by filing a complaint for declaratory relief under 28 U.S.C. §§ 2201 and 2202, against the Federal Home Loan Bank Board (hereinafter “the Bank Board”).

By leave of Court, the Association, on April 23, 1962, filed an amended and supplemental complaint for a declaratory judgment, to impress a trust and for other relief, which named as additional defendants: Eugene Webb, Jr., Marguerite R. Webb, Richards Matthews, Jr., Robert G. Rufi and Eugene C. Jones (hereafter “the Webb group”). Therein it was alleged that in March 1961 the Webb group transferred control of the Association to: Lytton Financial Corporation, Bart Lytton, Beth Lytton, Thomas W. Clarke, Samuel J. Sills, H. P. Bra-man and Glenn Wilson (hereinafter “the Lytton group”), and that defendants Eugene Webb, Jr., and his wife sold to the Lytton group the capital stock of the Southland Company (hereinafter “Southland”), a firm organized by the Webbs to…