Carlyle Towers Condominium Ass\u27n, Inc. v. FDIC, 170 F. 3d 301 - Court of Appeals, 2nd Circuit 1999

Plaintiffs-appellants the Carlyle Towers Condominium Association, Inc., Vincent Rigolosi, Chryss Chryssanthou, Richard Linde, and Marsha Squires, individually and as representatives of the class of persons owning units at the Carlyle Towers Condominium (collectively, the Association ) appeal from a judgment entered in the United States District Court for the Eastern District of New York (Block, J.) dismissing their claim for money damages against defendant-appellee Federal Deposit Insurance Corporation ( FDIC ). The district court entered judgment after granting a motion by the FDIC to dismiss, pursuant to Federal Rule of Civil Procedure 12(b)(1), for lack of subject matter jurisdiction. The court granted the motion after finding that the Association\u27s claim was subject to administrative review under the Financial Institution Reform, Recovery, and Enforcement Act of 1989 ( FIRREA ) § 212(5), as amended, 12 U.S.C. § 1821(d) (1994), and that this claim should have been filed with the FDIC within 90 days of receipt of a notice letter. Because the Association had not submitted its claim to the FDIC within the allotted 90 days, the court found that the Association failed to exhaust administrative remedies. The court concluded that the failure to exhaust deprived it of subject matter jurisdiction to adjudicate the Association\u27s claim and accordingly dismissed the action. For the reasons that follow, we vacate the judgment and remand for further proceedings