Former Westernbank Chiefs Seek To Toss $176M FDIC Suit

Law360, New York (April 12, 2012, 8:06 PM EDT) -- Executives and directors of the now-defunct Westernbank Puerto Rico asked a federal judge Wednesday to dismiss a $176 million Federal Deposit Insurance Corp. suit accusing the group of gross negligence in its handling of loans prior to the bank's closure in 2010.

In a motion filed in the U.S.district court in Puerto Rico, the six former Westernbank executives and directors argue that the FDIC is trying to hold them accountable for not adequately anticipating the recent financial crisis — which had a devastating effect on the...
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