Wollmuth Maher & Deutsch LLP obtained a victory in the Southern District of New York on behalf of the FDIC as Receiver for Signature Bank (“FDIC-R”). The Firm obtained dismissal of a complaint filed after the failure of Signature Bank against FDIC-R and other individual defendants for various causes of action, including fraud, breach of fiduciary duty, and aiding and abetting breach of fiduciary duty. On February 16, 2024, the Firm moved to dismiss the complaint in its entirety based on, among other reasons, the shareholder plaintiff’s lack of standing under the succession clause of Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”). In an Opinion and Order, dated September 20, 2024, the Court dismissed the action, ruling that the FDIC-R succeeded to plaintiff’s claims under FIRREA’s succession clause and, therefore, the “[p]laintiff cannot assert claims held by the FDIC on its behalf, meaning he lacks standing to sue.”

The case is captioned Cameron N. Verdi v. Federal Deposit Insurance Corp. et al., Case No. 1:24-cv-00791-DEH-RFT (S.D.N.Y.).