The Financial Institution Reform, Recovery, and Enforcement Act (“FIRREA”) sets a minimum limitations period for claims that have not yet expired at the time of the bank’s closing of 3 years for tort claims and 6 years for contract claims.[14]  As receiver, the FDIC enjoys a number of other powers typically not afforded to plaintiffs, such as broad power to issue subpoenas.[15] In addition, defenses that might prevail against other plaintiffs are unlikely to… [read post]