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FEDERAL DEPOSIT INS. CORP. v. SWAGER

Civ. No. 3-91-283.

773 F.Supp. 1244 (1991)

The FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver for Oak Park Bank, formerly known as Oak Park Heights State Bank, Plaintiff, v. Norvin L. SWAGER, Norris M. SWAGER, Daniel R. Mortenson, Leonard E. Lindquist, David C. Lindquist, Walter L. Bush, Jr., Maria Nolte Field, David A. Brooks, Abraham C. Abbariao, Albert J. Hofstede and Robert H. Paradise, Defendants.

United States District Court, D. Minnesota, Third Division.

September 19, 1991.

Attorney(s) appearing for the Case

Wayne G. Popham and Katherine C. Bloomquist, Popham, Haik, Snobrich & Kaufman, Minneapolis, Minn., and Jeffrey A. Hassan and James H. Clark, Hassan & Reed, Golden Valley, Minn., for plaintiff Federal Deposit Ins. Corp.

Louis W. Brenner and Michael J. Orme, Brenner Law Firm, Minneapolis, Minn., for defendant Abraham C. Abbariao.

Timothy D. Kelly and Andrea L. Sahlin, Kelly & Berens, Minneapolis, Minn., for defendant Walter L. Bush, Jr.

Samuel L. Hanson, Richard G. Mark, Janel E. LaBoda and Brian W. Parker, Briggs and Morgan, Minneapolis, Minn., for defendants Leonard E. Lindquist and David C. Lindquist.

John A. Cotter and Alan L. Kildow, Larkin, Hoffman, Daly & Lindgren, Minneapolis, Minn., for defendants Norris M. Swager and Norvin L. Swager.

MEMORANDUM OPINION AND ORDER

DEVITT, District Judge.

Introduction

Plaintiff Federal Deposit Insurance Corporation (FDIC) commenced this action in its capacity as receiver of the Oak Park Bank of Stillwater, Minnesota against former directors of the bank seeking to recover $2.4 million in damages allegedly caused by defendants' mismanagement. The FDIC's complaint contains breach of fiduciary duty (count I), gross negligence in the performance of...

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