On March 21st, the Federal Circuit affirmed a Court of Federal Claims' decision regarding the distribution of excess FDIC receivership funds. Frank Slattery, a Meritor Bank shareholder, filed a shareholder derivative lawsuit against the U.S. alleging that the FDIC had breached its contract with Meritor when it required Meritor to raise additional capital. An earlier Federal Circuit opinion agreed, awarding plaintiffs $276 million. In the instant appeal, the Federal Circuit affirms the Court of Federal Claims' holding that shareholders at the time of the judgment, not the shareholders at the time of Meritor's seizure, are proper recipients of the award. Slattery v. U.S.