FDIC Sets Its Sights On Failed Banks' Law Firms

Law360, New York (March 24, 2011, 1:59 PM EDT) -- With the Federal Deposit Insurance Corp. on a litigation tear as it attempts to recover billions after massive bank failures, attorneys say law firms could soon find themselves in the agency's crosshairs, if history is any guide.

“I think the general thinking is that there's likely going to be an increasing number of suits by the FDIC against failed institutions, outside lawyers, accountants, appraisers and other outside professionals,” said Teresa Kimker, a partner with Nilan Johnson Lewis PA.

As the FDIC sets out to recover some...
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