Abt and Fitzgerald Co-Author CDLB Column
Administrative Remedies Must Be Exhausted Before Filing Claim
October 22, 2015
TDR attorneys Uri B. Abt and John Fitzgerald co-authored a column in the October 21st (subscription may be required) edition of the Chicago Daily Law Bulletin. The column, “Federal Act Should Have Put End to Claim Quickly,” examined a recent Illinois Appellate Court decision on a matter of first impression under Illinois law – namely, whether failure to comply with a claim “bar date” under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) deprived a court of jurisdiction to consider a challenge to an arbitrator’s decision on a claim against a failed bank. The Appellate Court held that, under FIRREA, failure to submit a claim against a failed bank to the FDIC before the “bar date” established by FDIC prevents any court from having jurisdiction to hear not just the claim, but any motion regarding an arbitrator’s decision about the claim. The court went on to hold that the court lacked jurisdiction even if the claim against the failed bank was asserted against a successor-in-interest.