FDIC Seeks To Recover $1B From Execs Of Failed Banks

Law360, New York (October 12, 2010, 12:57 PM EDT) -- The Federal Deposit Insurance Corp. has authorized lawsuits against more than 50 officers and directors of failed banks in an effort to recover $1 billion lost during the credit crisis.

The agency is still in settlement talks, but lawsuits have been approved by the FDIC board and could be brought at any time, according to acting General Counsel Richard Osterman.

FDIC Chairwoman Sheila Bair said Tuesday that the regulator’s insurance fund has taken a tremendous $75 billion hit from the losses of the nearly 300 banks...
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