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Flagstar Bank Blamed Regulators For Golden Parachute Delay Now Quietly Settles It

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, March 25 – Joseph P. Campanelli was apparently an officer of Flagstar Bank, who wants his golden parachute payments but is being told he can only get them if the Federal Reserve and FDIC (and, it seems, the Office of the Comptroller of the Currency) sign off. 

On October 30 U.S. District Court for the Southern District of New York Judge Paul A. Engelmayer, to whom the case was assigned in August 2019, held a proceeding. Inner City Press covered it. 

  In the proceeding Judge Engelmayer to his credit told counsel for Flagstar, which was once referred to as Flagstaff like in Arizona, that they could not hide behind the regulators by citing "best efforts" language in the agreement.

  The difficult is that even hours after the open proceeding, the complaint of PACER still says, "You do not have permission to view this document."

Now on March 25, this: "ORDER terminating [64] Letter Motion to Stay re: [64] JOINT LETTER MOTION to Stay re: [63] Scheduling Order,,, addressed to Judge Paul A. Engelmayer from Julia M. Jordan and Martin F. Gaynor III dated March 24, 2021. The Court commends counsel on resolving this dispute. The Court today will issue a "60-day order" dismissing the case while giving counsel 60 days to move to reopen it if settlement is not finalized. SO ORDERED. (Signed by Judge Paul A. Engelmayer on 3/25/2021)."

The case is Campanelli v. Flagstar Bancorp, Inc., 19-cv-7299 (Engelmayer)


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