FDIC Sues Former Bank Execs Over $76M In Shoddy Loans

Law360, Los Angeles (January 22, 2014, 6:50 PM EST) -- The Federal Deposit Insurance Corporation on Friday sued nine former officers and directors of Colorado's United Western Bank for approving more than $76 million in shoddy loans and loan modifications it claims contributed to the bank's downfall. 

The regulator claims the directors and officers, who sat on a pair of loan-approval committees for the bank, granted at least 17 improper business loans and loan modifications totaling $76 million from November 2006 to August 2009. Those loans all defaulted, causing the bank to suffer more than $35...
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