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Florida Department of Insurance v. Chase Bank of Texas National Association

The Florida Department of Insurance, as a trustee in bankruptcy, does not have standing to bring claims against a third party on behalf of creditors of the insolvent corporation.

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Appeals from the United States District Court for the Northern District of Texas

The Florida Department of Insurance (Florida), receiver for Western Star Insurance Company, appeals the district court’s order granting Chase Bank of Texas’s Motion for Summary Judgment, and denying Florida’s Cross-Motion for Summary Judgment. The district court dismissed Florida’s claims for fraud and breach of fiduciary duty against Chase Bank, who was trustee of a trust established to (1) allow Western Star to conduct business in California, and (2) provide assets as security for policyholders. Because Florida lacks standing to sue on behalf of the policyholders, and because it has not raised a disputed issue of material fact with respect to the claims raised on behalf of Western Star, we affirm the judgment of the district court.

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