LexisNexis® Legal Newsroom
Wamu Reaches Settlement With Jpmorgan, FDIC

WILMINGTON, Del. – (AP) Washington Mutual Inc. has tentatively resolved disputes with JPMorgan Chase & Co. and the Federal Deposit Insurance Corp. over some $4 billion at issue in the bank holding company's Chapter 11 bankruptcy, a WaMu attorney said Friday. The FDIC seized Washington...

FDIC Sues 4 Former IndyMac Executives

WASHINGTON, D.C. - (AP) Bank regulators have accused four former executives of failed IndyMac Bank of negligence in making loans to homebuilders and are seeking a total $300 million in damages. The Federal Deposit Insurance Corp., which took over California-based IndyMac when it collapsed two years ago...

A Failed Bank, A Lawsuit, And Some Interesting Questions

Though 268 banks have failed since January 1, 2008, there has been relatively little litigation related to the failed banks, as least so far. For example, the FDIC only recently filed its first action against former directors and officers of a failed bank (as discussed here ). There have also been relatively...

Lawsuit Wave Could Hurt Housing Market: FDIC Chief

ARLINGTON, Va. - (AP) A wave of lawsuits from troubled borrowers who lost their homes to foreclosure could hurt the already-ailing housing market, a top banking regulator said Monday. Sheila Bair, chairman of the Federal Deposit Insurance Corp., said litigation by the affected homeowners "could...

Failed Bank Investors' Securities Suit Dismissed

On January 14, 2011, in a ruling that could have implications for other failed bank investors' securities class action lawsuits, Northern District of Georgia Judge Charles A. Pannell, Jr . granted defendants' motions to dismiss the securities suit that had been brought by investors in the failed...

FDIC Sues 3 Former Top Executives Of Failed WaMu

WASHINGTON, D.C. - (AP) Federal bank regulators have sued three former top executives of Washington Mutual, the biggest U.S. bank ever to fail, accusing them of negligence in allowing risky mortgage lending. The Federal Deposit Insurance Corp. filed the civil lawsuit Wednesday against former WaMu CEO...

FDIC: 'Close' To Settlement In Lawsuit Against WaMu Execs

WASHINGTON, D.C. - (AP) Federal bank regulators say they are close to settling their civil lawsuit against three former top executives of Washington Mutual accused of negligence in allowing risky mortgage lending at the biggest U.S. bank ever to fail. The Federal Deposit Insurance Corp. says it has exchanged...

Duane Morris Alerts: Electronic Funds Transfer Act: Class Action Surge Highlighted By Recent Cases

The Electronic Funds Transfer Act, 15 U.S.C. § 1693 et seq. (EFTA), and its regulations promulgated by the Federal Deposit Insurance Corporation (FDIC), Reg E, 12 C.F.R. sect; 205.16, require, in relevant part, that banks charging a fee to non-bank cardholders for automatic teller machine (ATM)...