Circuit Court Lacks Jurisdiction to Review Arbitrator's Ruling In Favor of Failed Bank

John M. Fitzgerald and Uri Abt discuss a recent Illinois appellate court opinion interpreting the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), the federal law governing claims against failed banks, in their regular column in the Chicago Daily Law Bulletin.  The appellate court held that the plaintiff's failure to file an administrative action before the FDIC within the statutory time frame before initiating arbitration against the failed bank deprived the circuit court of jurisdiction to review arbitrator's ruling.  

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