Fields & Brown recently recovered $2.2 Million Dollars

Fields & Brown recently recovered $2.2 Million dollars on behalf of the Federal Deposit Insurance Corporation (FDIC) as a result of the settlement of directors and officers’ liability litigation filed in the United States District Court for the Eastern District of Missouri.The FDIC alleged that because of the negligence and breach of fiduciary duty of certain directors and officers, a failed bank incurred significant losses for imprudent loans. Specifically, the FIDC alleged the defendants abdicated their responsibility by repeatedly disregarding the bank’s loan policies, as well as safe and sound banking practices that resulted in the bank loaning millions of dollars to borrowers who had no adequate means to repay the loans in the event the proposed projects failed or underperformed, By their acts and omissions, the defendants knew or should have known the subject loans created an obvious risk of injury to the failed bank. Taylor Fields and J. David Bowers handled this matter for the firm.

 

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