D&O Suits Over Bank Failures By FDIC Surge In 2011

Law360, New York (February 15, 2012, 9:48 PM EST) -- The Federal Deposit Insurance Corp. on Wednesday said it had sued 264 individuals in 2011 for professional liability stemming from bank failures, sharply increasing its litigation load as it completes internal probes into mismanagement at banks that closed in the wake of the 2008 financial collapse.

The FDIC is pursuing $5.1 billion in claims against directors and officers of the banks in federal courts. Both the number of defendants targeted and the total value of claims were higher than in 2010. In 2010, the FDIC authorized...
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