Banking and Finance

Recent Posts

FDIC's Latest Failed Bank Lawsuit Includes D&O Insurer Defendant
Posted on 23 Jan 2012 by Kevin M. LaCroix

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... Read More

As Banks Fail, Will Insurance Coverage Lawsuits Follow?
Posted on 4 Aug 2011 by Kevin M. LaCroix

One of the many distinctive traits of the litigation that surrounded the S&L crisis in the late 80s and early 90s was the plethora of lawsuits between the FDIC (and other federal banking regulators), on the one hand, and the failed banks' insurers... Read More

Why Did the Bank Fail?: Defending Failed Bank Directors and Officers
Posted on 25 Feb 2014 by Kevin M. LaCroix

Since the early stages of the financial crisis, nearly 500 banks have failed across the U.S., and even though we are now well past the peak of the financial crisis, banks continue to fail. Yet during the same time as scores of banks were failing, many... Read More

Perkins Coie LLP on Britt v. Twin City: Private Equity Firms Should Review the Scope of the Insurance Purchased to Cover Claims Against Them and the Individuals They Place as Directors
Posted on 26 Aug 2013 by LexisNexis Legal Newsroom Staff

Excerpt: The recent decision in Britt v. Twin City Fire Insurance Co. , C.A. No. 8SACV 12-1355-JST (JPRx), slip op. (C.D. Cal. June 26, 2013), highlights some important insurance considerations for private equity funds and the individuals they place... Read More

Two Questions: Bank Closures Winding Down? FDIC WaMu Lawsuit Settled?
Posted on 12 Dec 2011 by Kevin M. LaCroix

Whether the process is just winding down for the year or the process is actually winding down for good, the bank closure rate has recently fallen off dramatically. The FDIC has not taken over any banks for three weeks straight, with no bank closure... Read More

FDIC Sues Three WaMu Execs and Their Wives, Settles with Outside Directors
Posted on 18 Mar 2011 by Kevin M. LaCroix

As recently as this past Monday, commentators were grumbling that the FDIC is moving too slowly in pursue claims against former directors and officers of failed banks. The FDIC has responded in dramatic fashion with a March 16, 2011 lawsuit filing... Read More

FDIC's Latest Failed Bank Lawsuit Defendants Include Outside Directors and D&O Insurers; Also, Number of Problem Banks Declines
Posted on 25 Aug 2011 by Kevin M. LaCroix

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... Read More

LIBOR-Scandal Litigation: After Federal Court Dismissal, Schwab Pursues State Court Suit
Posted on 1 May 2013 by Kevin M. LaCroix

When Southern District of New York Judge Naomi Reice Buchwald entered her order in the consolidated LIBOR litigation on March 29, 2013, she dismissed the plaintiffs' antitrust and RICO claims against the LIBOR rate-setting banks, and she also... Read More

FDIC Failed Bank Litigation and the Insured vs. Insured Exclusion
Posted on 9 Nov 2011 by Kevin M. LaCroix

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... Read More

Banks: Forget Too Big to Fail, How About Too Small to Succeed?
Posted on 5 Dec 2013 by Kevin M. LaCroix

According to the FDIC’s latest Quarterly Banking Profile ( here ), as of September 30, 2013, there were 6,891 federally insured banking institutions, down from 6,940 at the end of the second quarter and down from 7,141 as of September 30, 2012.... Read More

A Time-Ripened Tale of Toxic Assets, a Corporate Spin-Out and a Failed Bank
Posted on 14 Nov 2011 by Kevin M. LaCroix

Guaranty Bank of Austin, Texas's August 21, 2009 closure is the fourth-largest bank failure during the current wave of bank failures and the tenth largest bank failure in U.S. history. The bank's failure, which came just 15 months after its... Read More