Ex-R-G Execs Can't Duck FDIC's $417M Bank Collapse Suit

Law360, New York (March 8, 2013, 3:59 PM EST) -- A federal judge refused Thursday to dismiss the Federal Deposit Insurance Corp.'s $417 million lawsuit against 19 former directors and officers of Puerto Rico's R-G Premier Bank, who allegedly helped precipitate one of the largest bank failures in the island's history.

U.S. District Judge Carmen Consuelo Cerezo refused to dismiss the case in a series of brief orders, despite the defendants' insistence that the FDIC's allegations were too vague or that the regulator had waited too long to accuse the directors and officers of negligently overseeing...
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