Federal Deposit Insurance Corporation, As Receiver v. O'melveny & Meyers

969 F.2d 744 61 USLW 2033 FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver; American Diversified Savings Bank; ADC Financial Corp.; American Diversified Wells Park III, et al., Plaintiffs-Appellants, v. O'MELVENY & MEYERS, Defendant-Appellee. No. 90-55769. United States Court of Appeals, Ninth Circuit. Argued and Submitted July 12, 1991. Decided June 29, 1992. Theodore A. Russell, Pettit & Martin, San Francisco, Cal., for plaintiffs-appellants. Gregory R. Smith, Irell & Manella, Los Angeles, Cal., for defendant-appellee. Appeal from the United States District Court for the Central District of California. Before: POOLE, KOZINSKI, and LEAVY, Circuit Judges. POOLE, Circuit Judge: 1 The Federal Deposit Insurance Corporation ("FDIC"), as receiver for the failed savings and loan association American Diversified Savings Bank ("ADSB"), sued the law firm of O'Melveny & Meyers ("O'Melveny" or "the Firm") claiming professional negligence in connection with its legal advice and services to ADSB. After reviewing de novo the district court's grant of O'Melveny's summary judgment motion, we reverse and remand to the district court for further proceedings. 2 * Facts and…