Benefit Agreement Golden Parachute Payment.

Byline: Derek Hawkins

7th Circuit Court of Appeals

Case Name: James R. Bunn v. Federal Deposit Insurance Corporation

Case No.: 18-1907

Officials: FLAUM, EASTERBROOK, and BRENNAN, Circuit Judges.

Focus: FDIC Benefit Agreement Golden Parachute Payment

After its appointment as receiver for Valley Bank Illinois ("Valley Bank"), the Federal Deposit Insurance Corporation ("FDIC") disaffirmed a benefits agreement between Valley Bank and James Bunn, a bank executive. Bunn sued the FDIC to recover a "change of control termination benefit" he claims he is entitled to receive pursuant to this agreement. The district court granted summary judgment to the FDIC because it determined the benefit Bunn seeks is a "golden parachute payment" prohibited by federal law. We affirm.


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