Statement of Interest of the United States filed in the case of FDIC v. Flagship Auto Center, Inc.

The United States Department of Justice requests that the court deny the defendants' motion to compel the Federal Deposit Insurance Corporation to produce Suspicious Activity Reports or acknowledge their existence. The filing argues that the Bank Secrecy Act and implementing regulations impose an unqualified privilege prohibiting the disclosure of these reports to private parties in civil litigation. This prohibition applies to both the financial institutions that file the reports and the government agencies that regulate them, except where disclosure is necessary to fulfill official governmental duties.

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IN THE UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF OHIO
WESTERN DIVISION

FEDERAL DEPOSIT INSURANCE ) Case No. 04-7233
CORPORATION, )
)
Plaintiff, ) U.S. District Court James G. Carr ) vs. ) Magistrate Judge Vernelis K. Armstrong ) FLAGSHIP AUTO CENTER, INC., ) et al., ) ) Defendants. )

STATEMENT OF INTEREST OF THE UNITED STATES

Pursuant to 28 U.S.C. § 517,¹ the United States Department of Justice, by its undersigned attorneys, hereby submits this Statement of Interest to protect from unauthorized disclosure any Suspicious Activity Reports (SARs) submitted by financial institutions under the Bank Secrecy Act, 31 U.S.C. § 5318(g)(1).

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Lineage: In force

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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works