FDIC goes after 42 more directors, officers of failed banks

The FDIC has authorized directors-and-officers lawsuits involving 42 defendants in December in connection with bank failures, according to a summary last updated by the federal agency Dec. 13.

As of Dec. 11, the FDIC has authorized suits in connection with 89 failed institutions against 742 individuals for D&O liability. This includes 41 filed D&O lawsuits, four of which have settled and one of which resulted in a favorable jury verdict, naming 324 former directors and officers.

The FDIC also has authorized 46 other lawsuits for fidelity bond, insurance, attorney malpractice, appraiser malpractice, accounting malpractice and RMBS claims. In addition, 172 residential mortgage malpractice and fraud lawsuits are pending, comprising lawsuits filed and inherited.