7th Circ. Upholds FDIC's Permanent Ban On Banker Brothers

Law360, New York (July 18, 2012, 8:56 PM EDT) -- The Federal Deposit Insurance Corp. acted reasonably when it fined two Chicago brothers and banned them from banking activities, the Seventh Circuit ruled Wednesday, saying the men engaged in shady insider dealings and that it largely defers to regulators on such matters.

In their petition to the Seventh Circuit, brothers Robert and George Michael, former owners of Citizens Bank and Trust Co., argued that a number of misunderstandings gave the false appearance of impropriety surrounding decade-old transactions for which they were ordered in 2010 to pay...
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