The FDIC has authorized more than 50 lawsuits against
former directors and officers of failed banks, according to an October 8, 2010 Bloomberg article . But merely
because the lawsuits have been authorized does not necessarily mean we will see
50 lawsuits, as it appears that the FDIC approval was calculated...
If the lawsuit filed on Monday is any indication, the
long-anticipated FDIC litigation against failed banks may have arrived. On
November 1, 2010, the FDIC filed a lawsuit in the Northern District of Illinois
against eleven former directors and officers of Heritage Community Bank, a
Are bank directors and officers sufficiently different from directors and officers of ordinary business corporations that the protections of the business judgment rule available to other directors and officers are not available to protect directors and officers of a bank? That is a question that Northern...