A federal court has rejected an attempt by former First Republic Bank employees to recover assets held in a rabbi trust that funded deferred compensation benefits. In Harrington v. Federal Deposit Insurance Corporation, the court found that the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) established an absolute bar to any action that restrains or affects the ability of the FDIC to fulfill its receivership duties, including the plaintiffs’ attempt to recover their See more +

A federal court has rejected an attempt by former First Republic Bank employees to recover assets held in a rabbi trust that funded deferred compensation benefits. In Harrington v. Federal Deposit Insurance Corporation, the court found that the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) established an absolute bar to any action that restrains or affects the ability of the FDIC to fulfill its receivership duties, including the plaintiffs’ attempt to recover their benefits.

Read the latest Banking & Financial Services blog from Eric Kracov here: https://ktslaw.com/Blog/banking%20and%20financial%20services/2024/7/first%20republic%20executives%20fail%20in%20attempt%20to%20recover See less -