IN THE UNITED STATES DISTRICT COURTWESTERN DISTRICT OF NORTH CAROLINAASHEVILLE DIVISION

BRANCH BANKING AND TRUSTCOMPANY200 West Second StreetWinston-Salem, NC 27101,Plaintiff,:::::: CASE NO. _________________v. :: FEDERAL DEPOSIT INSURANCECORPORATIONVirginia Square, L. William Seidman Ctr.3501 Fairfax DriveArlington, VA 22226,and:::::::: v. ::FINANCIAL CRIMES ENFORCEMENTNETWORKP.O. Box 392070 Chain Bridge RoadVienna, VA 22182,Defendants.:::::::

COMPLAINT

For its Complaint against Defendants the Federal Deposit Insurance Corporation (“FDIC”)and the Financial Crimes Enforcement Network (“FinCEN”) Plaintiff Branch Banking and TrustCompany (“BB&T”) hereby states and alleges as follows:

1:08-cv-194

- 2 -

PARTIES, JURISDICTION, AND VENUE

Plaintiff BB&T is a full-service financial institution incorporated under the lawsof North Carolina.2.

Defendants FDIC and FinCEN are agencies of the United States.3.

This Court has jurisdiction over this matter pursuant to 28 U.S.C. § 1331 and28 U.S.C. § 2201, as it arises under the Constitution and laws of the United States andDeclaratory Relief is sought.4.

Venue is appropriate in this District pursuant to 28 U.S.C. § 1391(e).

FACTUAL BACKGROUND

BB&T has been sued in the General Court of Justice, Superior Court Division inCleveland County, North Carolina in case number 07-CVS-2801. (“Cleveland CountyLawsuit”). A true copy of the complaint in the Cleveland County Lawsuit is attached hereto,designated Exhibit A and incorporated herein.6.

The plaintiff in the Cleveland County Lawsuit alleges she was an employee of BB&T and claims she was wrongfully terminated from her employment with BB&T. Shealleges in part that she was terminated “in retaliation for refusing to conspire with [BB&T] tosuppress evidence of its wrongdoing from the government…” These claims and allegations arecompletely false.7.

In order for BB&T to defend itself in the Cleveland County Lawsuit and clearitself of these false accusations, BB&T must be able to offer into evidence information whichwill prove it did not suppress or conceal any facts from the government.8.

Under the Bank Secrecy Act, banks such as BB&T are required to file aSuspicious Activity Report (“SAR”) when they detect certain types of possible criminal activity.31 U.S.C. § 5318(g). A SAR is filed with the government and contains relevant information a

- 3 -bank has uncovered concerning the possible criminal activity, including but not limited to:possible suspects, a description of the suspicious transactions and supporting documentation, anda complete and chronological account of the activity being reported. A blank SAR form isattached as Exhibit B.9.

Thus, in order for BB&T to defend itself in the Cleveland County Lawsuit againstthe plaintiff’s wrongful claims that BB&T withheld evidence from the government, BB&T mustbe able to introduce into evidence any SAR that it may have filed relating to the issues raised inthe Cleveland County Lawsuit, or else BB&T will suffer monetary damage.10.

The FDIC and FinCEN have issued regulations implementing the Bank SecrecyAct. 12 C.F.R. § 353.3; 31 C.F.R. § 103.18. Those agencies are responsible for overseeingBB&T’s obligations under the Bank Secrecy Act.11.

BB&T has requested in writing and in person that the FDIC and FinCEN permitBB&T to defend itself by disclosing any SAR that it may have filed relating to the issues raisedin the Cleveland County Lawsuit.12.

On April 2, 2008 Defendants issued a written decision formally denying BB&T’srequests.13.

The FDIC and FinCEN take the position that the filing of a SAR and its contentsare confidential under 31 U.S.C. § 5318(g)(2), 12 C.F.R. § 353.3(g), and 31 C.F.R. § 103.18(e).They claim this federal law prohibits BB&T from confirming or denying in this Complaint or inany other pleading the existence or contents of any SAR it may have filed.14.

Plaintiff BB&T disputes the Defendants’ position and asserts that 31 U.S.C.§5318(g)(2) and its implementing regulations impose no such restriction or, if they do, they denyBB&T Due Process of Law under the Constitution of the United States of America. However,