Wiley Rein: FIRREA Bars Insurer's Counterclaims for Rescission and Declaratory Judgment | Practical Law

Wiley Rein: FIRREA Bars Insurer's Counterclaims for Rescission and Declaratory Judgment | Practical Law

This Law Firm Publication by Wiley Rein LLP discusses FDIC v. OneBeacon Midwest Insurance Company, (N.D. Ill. July 10, 2012). In this case before the US District Court for the Northern District of Illinois, the court held that the Financial Institutions Reform, Recovery and Enforcement Act of 1989 prevented it from considering claims that would restrain or affect the FDIC's powers. The court dismissed an insurer's counterclaims against the FDIC for rescission and declaratory judgment related to a fidelity bond and a D&O insurance policy issued to a defunct bank. The publication discusses the case's factual background and the court's ultimate legal holdings.

Wiley Rein: FIRREA Bars Insurer's Counterclaims for Rescission and Declaratory Judgment

by Wiley Rein LLP
Published on 26 Jul 2012 • Illinois
This Law Firm Publication by Wiley Rein LLP discusses FDIC v. OneBeacon Midwest Insurance Company, (N.D. Ill. July 10, 2012). In this case before the US District Court for the Northern District of Illinois, the court held that the Financial Institutions Reform, Recovery and Enforcement Act of 1989 prevented it from considering claims that would restrain or affect the FDIC's powers. The court dismissed an insurer's counterclaims against the FDIC for rescission and declaratory judgment related to a fidelity bond and a D&O insurance policy issued to a defunct bank. The publication discusses the case's factual background and the court's ultimate legal holdings.