Albert E. Nasser v. Federal Home Loan Bank Board, Etc.
Opinion
Opinion
Ferguson, J.
Plaintiffs, formerly 0.11% minority shareholders of Household Federal Savings and Loan Association (HFS & LA), bring this appeal to set aside two resolutions of the Federal Home Loan Bank Board (Bank Board) which approved a reorganization of HFS & LA. The several-step reorganization involved the transfer of ownership to a newly formed corporation, HFC Corp., and a merger with a specially chartered interim, or “phantom,” savings and loan institution. See 47 Fed.Reg. 17797 (1982). As a result of these transactions, the plaintiffs lost their 0.11% interest in HFS & LA and received a pro rata interest in HFC Corp.
Nasser brought this action under 12 U.S.C. § 1730a(k), which provides in part that “[a]ny party aggrieved by an order of the [Federal Savings and Loan Insurance] Corporation under this section may obtain a review of such order by filing in the court of appeals of the United States for the circuit in which the principal office of such party is located.” Because Nasser did not appeal an order of the Federal Savings and Loan Insurance Corporation [FSLIC] under 12 U.S.C. § 1730a, this court lacks jurisdiction and the appeal is dismissed.