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FEDERAL SAV. & LOAN INS. v. FRUMENTI DEVELOPMENT

No. C-86-2438 EFL.

676 F.Supp. 957 (1988)

FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, as Conservator for Columbus Savings & Loan Association and TAM Financial Corporation, Plaintiffs, v. FRUMENTI DEVELOPMENT CORPORATION, a California corporation, and Peter J. Frumenti, Sr., an individual, Defendants.

United States District Court, N.D. California.

January 14, 1988.

Attorney(s) appearing for the Case

Richard Urdan, Graham & James, San Francisco, Cal., Jordan Luke, General Counsel, Federal Home Loan Bank Bd., Washington, D.C., for plaintiffs.

Thomas J. Brandi, Bianco, Brandy, Jones & Rudy, M. Janice Smith, Adams, Sadler & Hovin, Sandra J. Shapiro, Bancroft, Avery & McAlister, San Francisco, Cal., for defendants.

MEMORANDUM DECISION

LYNCH, District Judge.

I.

INTRODUCTION

This case is before the Court on defendants' motion to remand for lack of subject matter jurisdiction. The motion presents an issue of statutory interpretation. The question is whether the Federal Savings and Loan Insurance Corporation ("FSLIC"), which substituted for one of the original plaintiffs in a state court action filed by a state chartered savings and loan association...

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