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Federal Deposit Insurance Corporation › Corporate Officers

The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain... more +
The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships.  less -
Miller & Martin PLLC

Officers and Directors of Corporations Can Breathe a Little Easier - Good Faith Presumption is Now Law in Georgia

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In response to FDIC v. Loudermilk, 295 Ga. 579 (2014), the Georgia Legislature enacted and Governor Deal signed into law HB192, which went into effect on July 1, 2017. The law is designed to protect decisions made by officers...more

Alston & Bird

Jury Applies Georgia’s Business Judgment Rule

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On October 25, 2016, a jury in the U.S. District Court for the Northern District of Georgia rejected the Federal Deposit Insurance Corporation’s (FDIC) argument that former directors and officers of The Buckhead Community...more

Manatt, Phelps & Phillips, LLP

Fourth Circuit: Business Judgment Rule May Not Protect Bank Officers in FDIC Action

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Why it matters - Bank officers may be liable in a lawsuit brought by the Federal Deposit Insurance Corp. (FDIC) while the directors escaped liability, in a new ruling from the Fourth Circuit Court of Appeals interpreting...more

Poyner Spruill LLP

Bank Boards and Corporate Officers Review your Policies and Procedures: Business Judgment Rule Protections May Be Loosening

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A recent decision from the Fourth Circuit, Federal Deposit Insurance Corporation v. Rippy, No. 14-2078 (4th Cir. Aug. 18, 2015), may signal a weakening of the business judgment rule’s long-standing protections for corporate...more

Allen Matkins

Nevada’s Business Judgment Rule: FDIC – 4; Management – 0

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In recent weeks, the U.S. District Court has issued four separate rulings in cases brought by the Federal Deposit Insurance Corporation (FDIC) against former bank managers for breach of fiduciary duty. Here is a brief recap...more

Carlton Fields

Is It Still Privileged? An Insurer’s Disclosure Of Information To Its Reinsurers And Brokers Waives Privilege … Sometimes.

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A federal district court recently held that an insurer waived any claim of attorney-client or work product privilege when it disclosed otherwise potentially privileged information to its reinsurers and to its broker. In doing...more

Manatt, Phelps & Phillips, LLP

Bank Directors, Officers Win Dismissal of FDIC Suit

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Almost all cases brought by the FDIC in the last few years against former directors and officers of failed banks have been resolved by negotiated settlements. However, in a recent decision, a federal court judge in North...more

Manatt, Phelps & Phillips, LLP

Georgia Supreme Court: Business Judgment Rule Valid, But Bank Officers Can Still Be Liable

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In the context of Federal Deposit Insurance Corporation (FDIC) litigation against the former directors and officers of a failed bank, the Georgia Supreme Court has upheld the validity of the business judgment rule in the...more

Baker Donelson

Business Judgment Rule in Georgia: Not a "Get Out of Jail Free Card" for Officers and Directors

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The Georgia Supreme Court has adopted the Business Judgment Rule with a very important nuance that requires officers and directors to not only be prepared when making their decisions but to document their preparations in...more

King & Spalding

FDIC v. Loudermilk, et al.—Georgia’s Business Judgment Rule (and Its Limitations)

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On July 11, 2014, the Georgia Supreme Court issued its highly anticipated decision in FDIC v. Loudermilk, addressing squarely the extent to which Georgia’s business judgment rule shields bank directors and officers from...more

Morrison & Foerster LLP

Individual Liability: What’s Behind The Headlines?

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It’s been open season on financial institutions since the 2008-2009 financial crisis (“Financial Crisis”). State and federal prosecutors and regulators are competing with each other for press coverage of their latest consent...more

Sherman & Howard L.L.C.

Does the Business Judgment Rule Protect Bank Officers and Directors?

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When a corporation suffers significant losses, or ultimately fails, frustrated shareholders, creditors, or others often try to sue the corporation and/or its officers and directors for losses caused by mismanagement of the...more

Proskauer - Insurance Recovery & Counseling

First Circuit Orders AIG To Advance Defense Costs In FDIC Suit Because Of “Likelihood Of A Remote Possibility Of Coverage”

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On March 31, 2014, the First Circuit reaffirmed the breadth of an insurer’s duty to defend. In W Holding Co., Inc. v. AIG Ins. Co.-Puerto Rico, No. 12–2008, 2014 WL 1280246 (1st Cir. Mar. 31, 2014), the appellate court ruled...more

Baker Donelson

Does the Business Judgment Rule Really Exist in Georgia?

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On April 21, 2014, the Georgia Supreme Court heard oral arguments in the case of FDIC v. Loudermilk to determine whether the Business Judgment Rule really exists in Georgia. Claiming contrary decisions on the Business...more

Eversheds Sutherland (US) LLP

Eleventh Circuit Rejects Extension of the “No Duty” Rule and Allows D&Os to Pursue State-Law Defenses Based on FDIC Conduct

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In a decision announced at the end of 2013 in the case of FDIC v. Steven Skow, et al., the U.S. Court of Appeals for the Eleventh Circuit rejected an argument proposed by the Federal Deposit Insurance Corporation (FDIC) that...more

Katten Muchin Rosenman LLP

Eleventh Circuit Upholds Directors’ Affirmative Defenses Based on FDIC’s Post-Receivership Conduct

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The US Court of Appeals for the Eleventh Circuit recently issued the first appellate decision holding that, in actions brought by the Federal Deposit Insurance Corporation (FDIC), the officers and directors of failed banking...more

Polsinelli

Regulators’ New Focus On Director And Officer Liability Insurance; Other Considerations

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The Federal Deposit Insurance Corporation (the “FDIC”) issued an advisory statement on October 10, 2013, titled “Director and Officer Liability Insurance – Policies, Exclusions, and Indemnification for Civil Money Penalties.”...more

Goodwin

FDIC Releases Videos Designed to Provide Information to Bank Directors, Officers and Employees Regarding Municipal Securities, the...

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The FDIC released four new videos (the “Videos,” and each a “Video”) designed to provide technical assistance to directors, officers and employees of depository institutions that are FDIC insured. The Videos are available on...more

Bradley Arant Boult Cummings LLP

FDIC Bars Financial Institutions from Purchasing Insurance Coverage for Civil Monetary Penalties for Directors and Officers: FDIC...

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We recently notified you of the FDIC’s Financial Institution Letter 47-2013 , which urges directors and officers of financial institutions to examine their institutions’ directors and officers (D&O) insurance coverage to...more

Bradley Arant Boult Cummings LLP

FDIC Warns of Reduced Insurance Coverage for Directors and Officers of Financial Institutions

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On October 10, the FDIC issued Financial Institution Letter 47-2013, urging directors and officers (D&O) of financial institutions to examine their institutions’ D&O insurance coverage to ensure adequate protection for...more

Saul Ewing LLP

White Collar Watch - September 2013

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Contents - 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...more

Allen Matkins

When The Parent Is A Blue Hen And The Subsidiary Is A 49er, What Law Governs?

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With most publicly traded companies choosing to incorporate in Delaware, corporate officers are likely to assume that they have the benefit of Delaware law. Assumptions sometimes can be wrong....more

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