First United Bank Directors Can't Escape $8M FDIC Suit

Law360, New York (December 12, 2016, 8:10 PM EST) -- An Illinois federal judge refused Monday to toss an $8 million lawsuit brought by the Federal Deposit Insurance Corp. against six former directors at First United Bank, which was forced into receivership after an allegedly "overly aggressive growth program" led to loans that violated sensible lending standards.

The former bosses at First United asked U.S. District Judge Charles P. Kocoras to toss the complaint that alleged negligence and breach of fiduciary duty under Illinois law and gross negligence under federal law. They said they were subject of an "improper group pleading" that bunched together six defendants and 10 bad loans. Among...

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