- FDIC filing more suits against officers and directors of failed financial institutions
- Third Circuit upholds 12-year prison sentence for former BigLaw associate
- Health care executives should heed recent trend of significant prison sentences for Medicare fraud convictions.
- Excerpt from "FDIC filing more suits against officers and directors of failed financial institutions":
Banking industry executives should take note: this year the Federal Deposit Insurance Corporation has increased yet again the number of civil lawsuits it is filing against the directors and officers of financial institutions that failed during the recession. The rate at which the suits are being filed by the FDIC has been steadily increasing: two in 2010, 16 in 2011, 26 in 2012, and 32 in just the first eight months of 2013. The FDIC is bringing suit against officers and directors in their individual capacity, holding them personally liable for damages allegedly sustained by the financial institutions under their management or over-sight. Chief executives, inside directors, and outside directors were named defendants in more than three-quarters of the FDIC suits, but other officers including chief credit officers, chief financial officers, and chief operating officers were also named as defendants in some instances.
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