Last Friday, the jury in FDIC v. Van Dellen (C.D. Cal. Case No. CV 10-4915 DSF (SHx)) returned a verdict totalling nearly $169 million against three former officers of the home builder division of IndyMac Bank, F.S.B. The Office of Thrift Supervision closed the bank in 2008. As the receiver for the bank, the Federal Deposit Insurance Corporation filed
As lawyers, we are used to citing earlier decisions as precedent. Thus, we might expect that the Department of Corporations is free to rely on its earlier administrative decisions as precedent. Surprisingly, this is not the case. In fact, the Administrative Procedure Act prohibits a state agency from expressly relying on a decision as precedent
In Democracy in America, Alexis de Tocqueville devoted an entire chapter to the propensity of Americans to form associations. In particular, he observed: The Americans make associations to give entertainments, to found seminaries, to build inns, to construct churches, to diffuse books, to send missionaries to the antipodes; in this manner they found hospitals, prisons, and schools.