Ching
Federal Deposit Insurance Corp. v. Ching
Opinion
Lead Opinion
Mueller, J.
ORDER
The Federal Deposit Insurance Corporation (FDIC), 1 acting as receiver for Butte Community Bank (the Bank), brought this lawsuit against several of the Bank’s former officers and' directors. Its case concerns a series of transactions in the first half of 2008. The FDIC alleges these transactions were the directors’ attempt to strip the Bank of cash and assets it desperately needed to weather the 2008 financial crisis. The. directors aver they intended nothing untoward but rather designed the transactions to benefit the Bank’s shareholder and maintain a respectable return on equity.
In this motion the FDIC seeks summary judgment on all but one of the directors’ affirmative defenses. The court held a hearing on February 26, 2016. Jean-Paul Cart and David Giles appeared for the FDIC, and Kevin Hughes appeared for the directors. For the following reasons, the motion is granted in part.
I. EVIDENTIARY OBJECTIONS
As a preliminary matter, the parties have made several evidentiary objections. Because the defendants have withdrawn six of their affirmative defenses, the court overrules as moot any objections to *984 evidence the FDIC relies on solely with respect to these…