On August 22, 2011, when the FDIC filed a lawsuit
related to the collapse of Silverton Bank, which is Georgia's largest failed
bank, the named defendants included not only bank officers that the regulators
allege are responsible for the bank's failure, but also the bank's former
An inevitable part of the current wave of bank failures
has been the FDIC's filing of lawsuits against former directors and officers of
the failed institutions. And though the FDIC's initiation of this litigation
has been gradual, the lawsuits have now started to
accumulate in significant...
In the FDIC's latest lawsuit filed in its role as
receiver of a failed bank, the FDIC not only named as defendants nineteen
former directors and officers of the failed bank, but also included as
defendants seventeen of their spouses and the failed bank's D&O insurer. A
copy of the FDIC's...