SAFEWAY PORTLAND EMPLOYEES’ FEDERAL CREDIT UNION, a Federal Credit Union, Appellant, v. FEDERAL DEPOSIT INSURANCE CORPORATION, Appellee

This ease arises out of the failure of the Sharpstown State Bank of Houston, Texas. Plaintiff-Appellant Credit Union is a purchaser of brokered certificates of deposit of the bank. We have previously set out the facts surrounding this transaction. See Safeway Portland Employees’ Federal Credit Union v. C. H. Wagner & Co., 501 F.2d 1120 (9th Cir., 1974).

In its complaint in this ease the Credit Union principally alleges that the Federal Deposit Insurance Corporation (FDIC) violated Section 17(a) of the Securities Act of 1933, 15 U.S.C. § 77q(a), by aiding, abetting, and participating in a scheme to defraud the public in connection with the sale of the certificates. It prays for money damages. The Credit Union asserts that the FDIC is subject to suit under its “sue and be sued” authority and asserts jurisdiction under Section 22(a) of the Securities Act of 1933. The district court dismissed the complaint for lack of jurisdiction, finding that the Federal Tort-Claims Act (FTCA), 28 U.S.C. §§ 1346 (b), 2671-2680, is the exclusive remedy against the FDIC and that the Credit Union had failed to exhaust its administrative remedies as required by that Act. We affirm.

28 U.S.C.…