Patterson Should Be Allowed to Testify in Penn Square Bank Trial / Claim Credit Unions

By Wolfe, Lou Anne | THE JOURNAL RECORD, July 3, 1986 | Go to article overview

Patterson Should Be Allowed to Testify in Penn Square Bank Trial / Claim Credit Unions


Wolfe, Lou Anne, THE JOURNAL RECORD


Former Penn Square Bank Senior Executive Vice President William G. Patterson should be allowed to testify during the co nsolidated trial of nine Penn Square Bank civil cases next month, three plaintiff credit unions claimed in a response filed in U.S. District Court in Oklahoma City.

Jax Navy Federal Credit Union and Pinellas County Teachers Credit Union, both of Florida, and Bolling Federal Credit Union of Washington, D.C., filed the response to a motion by the Federal Deposit Insurance Corp. that Patterson be precluded from testifying in his own behalf.

In their response, the credit unions said the FDIC is more concerned about foreclosing testimony that would be harmful to the agency as a defendant than enhancing its claims for damages against Patterson.

In addition to filing one of the lawsuits, the FDIC is a defendant in five others.

"It is well known that any money judgment the FDIC might obtain against Mr. Patterson would be of highly dubious collectibility," the document said.

The FDIC has conflicting interests with regard to Mr. Patterson's testimony, the document said.

Jax, Pinellas and Bolling noted in the response that they have fraud and constructive trust claims against the FDIC as receiver/successor of Penn Square Bank for the fraud committed by its officersand directors.

Patterson, they charged, was a central figure in the actions and developments which led up to Penn Square Bank's insolvency in July 1982.

The response alleged the FDIC and Patterson were "not really adversaries but chums with regard to avoiding testimony from Mr. Patterson."

The document filed earlier by the FDIC said Patterson should not be allowed to testify in his own behalf because he did not notify the court of his desire to do so - or submit a pretrial deposition- by July 18. …

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