In Re Transamerica Corp. Board of Governors of Federal Reserve System v. Transamerica Corp.

This is a proceeding seeking to have the respondents Transamerica Corporation and Bank of America, and their respective chief executive officers, Husbands and Giannini, adjudged in both criminal and civil contempt for failure to comply with our temporary restraining order of June 23, 1950, and our injunction order of June 24, 1950, issued in the proceeding described in our opinion dated June 27, 1950, in Board of Governors of the Federal Reserve System v. Transamerica Corporation, 9 Cir., 184 F.2d 311 . The facts forming the background of the present proceeding are stated in that opinion.

The order of June 23 restrained Transamerica and Bank of America “from consummating or effectuating any arrangement or undertaking which will result in Bank of America * * * acquiring the assets or banking business of any or all of” the banks named in the order, “until further order of this Court.”

On June 27 upon,application of the petitioner alleging a violation by the two corporations, and Husbands and Giannini, their Presidents, of these two orders, we issued a rule ordering that the corporations and Husbands and Giannini (hereinafter referred to as respondents) answer the Board’s petition…