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FDIC targets failed bank execs with legal action
The Associated Press//October 8, 2010//
Listen to this articleWASHINGTON, D.C. — 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 the regulator’s board has approved possible lawsuits over the course of recent months. FDIC attorneys are in settlement talks with the executives. Spokesman David Barr didn’t say how many banks are involved.
The FDIC in July sued four former executives of failed IndyMac Bank for negligence in making loans to homebuilders. It is seeking $300 million in damages. The collapse of IndyMac two years ago cost the federal deposit insurance fund an estimated $12.7 billion. Since then, 287 banks have failed.
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