Ridder v. Cityfed Financial Corp.

47 F.3d 85 (3rd Cir. 1995)

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Nature of the Case

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Facts

The Resolution Trust Corporation, as receiver for CityFed, sued Ridder and others (Ps) for various frauds and breaches of fiduciary duty to their employer, CityFed. Upon being served by the RTC, Ps made demand upon CityFed for advancement of attorney fees, CityFed refused, and Ps sued to compel CityFed to advance attorney fees to them. The district court refused Ps injunction; Ps failed to demonstrate their likely success on the merits, and because of receivership it would be against public policy to treat creditors differently. Ps appealed.