Freese v. Federal Deposit Insurance Corp.

After becoming receiver for a failed bank, the FDIC (defendant) issued subpoenas to the bank's former officers and directors (plaintiffs) seeking five years of personal financial information for them and their families, stating the investigation aimed to determine whether valid claims existed against them, whether pursuing such claims would be cost-effective, and whether the FDIC should void asset transfers or seek an attachment of their assets. The former officers opposed enforcement, arguing the subpoenas served improper purposes, sought irrelevant information, and violated the Fourth Amendment, and the FDIC moved to enforce them.