Slater
Slater v. FDIC as Receiver for First Republic Bank
Opinion
Trial Court Opinion
UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA 3 DIANE SLATER, Case No. 23-cv-03703-JD
Plaintiff,
ORDER RE STAY
v.
FDIC AS RECEIVER FOR FIRST
REPUBLIC BANK,
8 Defendant.
9 The Federal Deposit Insurance Corporation (FDIC) stepped in as a receiver for First Republic Bank on May 1, 2023, when the bank faced imminent collapse. Pursuant to Section 1821(d)(12)(A) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, 12 U.S.C. § 1821(d)(12)(A), the FDIC has asked for a statutory 90-day stay of this employment case against the bank, which was pending when it became a receiver. Dkt. No. 3. Plaintiff Slater did not oppose a stay. Section 1821(d)(12)(A) states: After the appointment of a conservator or receiver for an insured depository institution, the conservator or receiver may request a stay for a 18 period not to exceed (i) 45 days, in the case of any conservator; and (ii) 90 days, in the case of any receiver, 20 in any judicial action or proceeding to which such institution is…