Magazine : Archives : 1st Quarter 2011
FDIC Lawsuit Targets Directors at Failed Banks and Thrifts; TARP’S Uncertain Legacy
FDIC Lawsuit Targets Directors at Failed Banks and ThriftsDirectors of Heritage Community Bank sure haven’t caught many breaks. When the Glenwood, Illinois bank was seized in February 2009, the Federal Deposit Insurance Corp. invited the “60 Minutes” news show to tag along, making it America’s poster child for failed banks. Now, outside board members can claim another dubious distinction: they are the first to face a civil suit by the FDIC in the wake of the financial crisis. In a complaint filed in November of last year, the agency is seeking at least $20 million from 11 executives and...
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