Judge Grants FDIC's Motion To Replace Party In Suit Related To Failed Bank's Loan

Judge Grants FDIC's Motion To Replace Party In Suit Related To Failed Bank's Loan

SAN DIEGO - A federal judge in California on April 24 granted the Federal Deposit Insurance Corp.'s motion to substitute another party in place of itself as plaintiff in a suit in which the FDIC, as the receiver for a failed bank, sued defendants for alleged breach of contract on a loan but later sold interest in the loan to another party (Federal Deposit Insurance Corporation Acting as Receiver for La Jolla Bank, FSB v. CG 80, LLC, et al.,  No. 11-02165, S.D. Calif.; 2012 U.S. Dist. LEXIS 57382).

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