America's Community Bankers is resuming its court battle against the Federal Deposit Insurance Corp. over money collected from thrifts in late 1996.
The thrift trade group will appeal a Nov. 24 ruling by a U.S. District Court judge, who concluded that the FDIC was within its rights when it collected $200 million from the Savings Association Insurance Fund's nearly 2,000 members. The money was used to service bonds that bailed out the thrift fund's predecessor, the insolvent Federal Savings and Loan Insurance Corp.
The ACB's decision is the latest round in a legal fight that began when the group filed suit in February 1997. The thrift group contends that the FDIC's statutory authority to levy the assessment expired when the thrift insurance fund reached full funding on Oct. 1, 1996.
An ACB spokesman said the group will file its appeal by the Jan. 24 deadline.