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The Federal Deposit Insurance Corp. has authorized lawsuits in connection with 150 failed financial institutions against 1,207 individuals for directors and office's liability.
The suits were authorized from Jan. 1, 2009, through July 24, 2015, the FDIC said in a report posted on its website Tuesday.
The number of D&O defendants reached its peak in 2012, when 369 were authorized, followed by 316 authorized in 2013, according to the report. A total of 26 defendants have been authorized to date this year, according to the report.
The report says that from 1986 through 2014, the FDIC and the former Resolution Trust Corp., which existed from 1989-1995 and was created to deal with the savings and loan crisis, collected $8.62 billion from professional liability claims. They spent $2.14 billion over that same period to fund all professional liability claims and investigations, according to the report.
The FDIC may sue professionals who caused losses as receivers for failed financial institutions, according to the report. It said professional liability suits are only initiated “if they are both meritorious and expected to be cost-effective.”
(Reuters) — Former top executives at defunct law firm Dewey & LeBoeuf, including chairman Steven Davis, conspired to falsify income statements in an attempt to forestall its collapse in 2012, the firm's former finance director testified Monday in New York.