FDIC OK'd $8B In Failed Bank Official Suits Since 2009

Law360, New York (March 21, 2012, 6:00 PM EDT) -- The Federal Deposit Insurance Corp. has stepped up its pursuit of derelict directors and officers of failed banks, authorizing professional liability lawsuits claiming a combined $8 billion in damages since 2009, the agency said Wednesday.

The FDIC said that as of Tuesday, it has authorized suits in connection with 54 failed institutions against 469 individuals for director and officer liability since 2009. That includes 27 lawsuits filed in federal court against bank directors and officers — two have been dismissed after the agency settled with the...
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