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OnBANK & TRUST CO. v. F.D.I.C.

No. 95-CV-6640L.

967 F.Supp. 81 (1997)

OnBANK & TRUST CO., Plaintiff, v. FEDERAL DEPOSIT INSURANCE CORP., Statutory Successor to Resolution Trust Corp., as Conservator of Columbia Banking Federal Savings and Loan Association and as Receiver of Columbia Banking Federal Savings and Loan Association, Defendant.

United States District Court, W.D. New York.

June 17, 1997.

Attorney(s) appearing for the Case

Jay B. Kasner, Helen L. Monaco, Skadden, Arps, Slate, Meagher & Flom, LLP, New York City, Stephen T. Helmer, MacKenzie, Smith, Lewis, Michell & Hughes, Syracuse, NY, for OnBank & Trust Co.

Edward G. Case, Carolyn G. Nussbaum, Nixon, Hargrave, Devans & Doyle, LLP, Rochester, NY, for Resolution Trust Corp., F.D.I.C.

DECISION AND ORDER

LARIMER, Chief Judge.

Plaintiff, OnBank & Trust Co. ("OnBank"), brings this action under § 10(b) of the Securities Exchange Act of 1934 ("the Act"), 15 U.S.C. § 78j(b), and Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5. This action arises out of a dispute concerning OnBank's purchase of certain securities from Resolution Trust Corporation ("RTC") in 1994. OnBank alleges that because of certain acts...

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