Pacific State Execs Say Insurer's Suit Threatens FDIC Talks

Law360, New York (June 18, 2012, 7:17 PM ET) -- Former officers and directors of the failed Pacific State Bancorp sought to dismiss Progressive Casualty Insurance Co.'s suit over coverage for a Federal Deposit Insurance Corp. lawsuit against them, arguing the coverage dispute could undermine the FDIC's ongoing investigation into the bank's collapse.

Pacific State Bank collapsed during the financial crisis in August 2010 and the FDIC took over as receiver. The government banking agency soon sued 15 of the bank's directors and officers for “negligence, gross negligence and/or breaches of fiduciary duties” for their role...
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Case Title

Progressive Casualty Insurance Company v. Dalton et al


Case Number

2:12-cv-00713

Court

California Eastern

Nature of Suit

Insurance

Judge

Troy L. Nunley

Date Filed

March 21, 2012

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