FDIC Sues Dead Bank Over Millions In Bad Loans

Law360, New York (January 26, 2011, 12:36 PM EST) -- The Federal Deposit Insurance Corp. is suing 14 officers and directors of now-defunct First Centennial Bank, saying they drove the bank into the ground and forced the FDIC to pay $163 million to cover depositors.

The FDIC filed the lawsuit Jan. 14 in the U.S. District Court for the Central District of California. Earlier in January, the FDIC announced it had authorized lawsuits against more than 100 directors and officers of failed banks to claw back about $2.5 billion lost to bad loans.

The FDIC is...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.