FDIC Sues To Recover Over $200M From Failed Bank's Officers, Directors, Others

SAN JUAN, Puerto Rico - The Federal Deposit Insurance Corp. (FDIC), as receiver of a failed Puerto Rican bank, filed a lawsuit in Puerto Rico federal court on Jan. 18, alleging that the bank's former officers and directors, their spouses and others breached their fiduciary duties by engaging the bank in a risky lending policy that ultimately led to the bank's failure (The Federal Deposit Insurance Corp., as receiver of R-G Premier Bank of Puerto Rico, v. Victor J. Galan-Alvarez, et al., No. 12-1029, D. P.R.). View today's headlines and listen to the latest podcast at www.lexisnexis.com/legalnews Do you have news to share? Interested in writing a commentary article? Email the Mealey News Desk at Mealeys@LexisNexis.com Full story on lexis.com