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...
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...
WASHINGTON, D.C. — (AP) Federal regulators have authorized legal action against more than 50 executives and directors of collapsed U.S. banks as they seek to recover about $1 billion in losses. A spokesman for the Federal Deposit Insurance Corp. says. . . . Full version available to lexis.com subscribers...
In a public report that makes for some interesting reading,
UBS on October 14, 2010 released a statement disclosing that though its own
investigation had concluded that "what happened should not have been
allowed to happen," the company will take no legal action against its
As has now become a familiar routine, this past Friday
night the FDIC took
control of several more commercial banks . The seven additional banks seized
on Friday bring the year to date total number of failed banks to 139, and the
total since January 1, 2008 to 304. At the same time, lawsuits involving...
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
article in the November 17, 2010 Wall Street Journal reported that
the FDIC is conducting 50 criminal investigations of directors, officers and
employees of failed banks. Given that (as of November 19, 2010) 314 banks have
failed since January 1, 2008, this report suggests that the FDIC is
Leaders of the four largest global accounting firms - Ian Powell , chairman of PwC UK, John Connolly , Senior Partner and Chief Executive of
Deloitte's UK firm and Global MD of its international firm, John Griffith-Jones , Chairman of KPMG's Europe, Middle East
and Africa region and Chairman...
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 in the Western District
of Washington against three...
When the FDIC released its Quarterly Banking Profile for
the fourth quarter 2010, it included a statement from
FDIC Chairman Sheila Bair that the agency believes "the number of failures
peaked in 2010." However, at least through the end of February 2011, the
evidence was to the contrary...
LOS ANGELES - (AP) Washington Mutual Inc. and its fellow defendants have agreed to pay $208.5 million to settle a class-action lawsuit stemming from the lender's collapse in 2008, the biggest U.S. bank failure in history. The defendants and lead plaintiff Ontario Teachers' Pension Plan Board...
The short week after the July 4 th holiday is
usually quiet. There certainly did seem to be less traffic on the roads. But
nevertheless, there was news of note this past week on several stories we have
been following, as discussed below. The traffic on the roads may have slowed
but the circulation...
On July 14, 2011, the FDIC filed a lawsuit in the
Northern District of Georgia against 15 former directors and officers of Haven
Trust Bank of Duluth, Georgia. This suit is the ninth the FDIC has filed as
part of the current bank failure wave and the second that the FDIC has filed in
Georgia. A copy...
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, on the other hand, over
Early on during the current wave of bank failures, there
were some pretty reckless predictions about how many banks might fail - indeed,
some commentators suggested as many as 1,000 banks might ultimately fail, a
I disputed at the time . But while it continues to seem highly unlikely...
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 publicly traded
holding company spun out of Temple...
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 at all so far during the month of
The FDIC's latest Quarterly Banking Profile for the
period ending December 31, 2011, released February 28, 2012 ( here ), reflects a generally
improving banking landscape and a continuing reduction in the number of problem
institutions. But though the industry is showing improvement, the number...
Though the current bank failure wave has been rolling for
several years now and though there have been over 425 bank
closures during that period , the much anticipated FDIC failed bank
litigation has been slower to gain momentum - that is, perhaps, at least until
now. Through the end of 2011, the...
According to the FDIC's Quarterly Banking Profile for the first quarter of 2012, which can be found here and which was released on May 24, 2012, the banking industry generally continues to show improvement. The industry's aggregate profits are up, and the industry is shedding bad loans, bolstering...
On December 7, 2012, in a comprehensive victory for the
FDIC in its capacity as receiver of the failed IndyMac bank, a jury in the
Central District of California entered a verdict of $168.8 million in the
FDIC's lawsuit against three former officers of the bank. As reflected in the
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. There were 8,680 banking institutions as recently...