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In a ruling that could have a significant impact on proceedings involving failed banks, the Federal Deposit Insurance Corp. was rebuffed in its attempt to assert a $905 million priority claim against the holding company of the failed Colonial Bank. On Sept. 1, federal bankruptcy Judge Dwight Williams Jr. of the Middle District of Alabama ruled that the bank’s bankrupt holding company, Colonial Bancgroup, could not be held liable for the shortfall in the bank’s assets. (Here’s an article about the ruling from Law360.)

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