LexisNexis® Legal Newsroom
Eleventh Circuit Rejects FDIC's "No Duty" Argument, Allows Post-Receivership Affirmative Defenses Against the Agency

One of the most contentious issues in the litigation the FDIC has been pursuing in its capacity as receiver of various failed banks is whether the defendant former directors and officers can assert affirmative defenses against the FDIC for the agency’s own conduct. In a part of a December 23...

North Carolina Bank To Pay $1.2 Million Penalty For Role in Ponzi Scheme, Payday Loans

A North Carolina bank will pay a $1.2 million fine after authorities accused it of failing to maintain proper controls to prevent a payday lender and massive Ponzi scheme from defrauding thousands of customers. Four Oaks Fincorp, Inc., and Four Oaks Bank & Trust Company (“Four Oaks Bank”...

Why Alan Greenspan Failed the Country

I have just finished Dr. Alan Greenspan’s latest book, “The Map and the Territory” and to some extent it fairly represents what caused the “Great Recession.” However, Dr. Greenspan omits the role of the Federal Reserve in causing the Great Recession. In 1960, Mortgage...

Cornerstone Research: FDIC Lawsuits Continue to Mount, Individuals Contributing Out-of-Pocket to FDIC Claims Settlements

In 2013, the number of lawsuits the FDIC has filed against the directors and officers of failed banks reached the highest annual level during the current wave of failed bank litigation, though the pace of litigation filings peaked in the second quarter and slowed as the year progressed, according to...