Federal Judge Allows Third-Party Claims In Failed Bank Suit

Federal Judge Allows Third-Party Claims In Failed Bank Suit

CHICAGO - In a suit filed by the Federal Deposit Insurance Corp. as the receiver for a failed bank, a federal judge in Illinois on March 1 denied dismissal of a third-party complaint filed by the law firm that was retained by the bank, explaining that the Illinois Supreme Court has clarified that "there need not be actual tort liability in order to state a cause of action for contribution" (Federal Deposit Insurance Corp. v. Lowis & Gellen LLP, et al. v. Katten Muchin Rosenman LLP, et al., No. 11-5902, N.D. Ill.; 2013 U.S. Dist. LEXIS 28261).

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