Banks & Banking – FIRREA – Exhaustion of Administrative Remedies – First Impression — FDIC Receivership – Purchase – Tort/Negligence — Real Property – Breach of Contract

Banks & Banking – FIRREA – Exhaustion of Administrative Remedies – First Impression — FDIC Receivership – Purchase – Tort/Negligence — Real Property – Breach of Contract (access required)

Front Street Construction, LLC v. Colonial Bank, N.A. The Federal Deposit Insurance Corp. (FDIC), as receiver for failed bank Colonial Bank, N.A., entered into a purchase and assumption agreement (PAA) with Branch Banking and Trust Co. Some of plaintiffs’ claims against BB&T arose from acts or omissions by Colonial and were not addressed in the PAA. As to those claims, plaintiffs must exhaust their administrative remedies under the Financial Institutional Reform, Recovery and Enforcement Act (FIRREA) before they can seek judicial remedies.

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