Regulatory Alerts2005-05-13
Added
Order of Magistrate Judge denying motion to compel FDIC to produce suspicious activity report in FDIC v. Flagship Auto Center, Inc.
The Magistrate Judge denied Defendants Flagship Auto Center and Pamela Siegenthaler’s motion to compel the Federal Deposit Insurance Corporation to produce a suspicious activity report, transcripts of FBI interviews, and an FBI report, ruling that the suspicious activity report is protected by the Bank Secrecy Act and that FBI materials are the property of the Federal Bureau of Investigation. The Court also denied the Defendants’ motion to compel discovery from the Federal Reserve Bank of Cleveland and granted the Bank’s motion to quash the subpoena, finding the requested documents constituted confidential supervisory information owned by the Board of Governors. Additionally, the Judge denied the Defendants’ motion to dismiss the case for lack of subject matter jurisdiction and denied the Board of Governors’ motion to intervene as moot.