On July 25, 2014 the FDIC released its Professional Liability Lawsuits Updates. The link is below.
Some notable items:
- $6.8B – the amount collected from FDIC for professional liability claims from 1986 through 2012 by the FDIC (and former Resolution Trust Corporation); $1.9B is the amount spent to fund all professional liability claims and investigations from 1985 through 2012
- FDIC has authorized suits against 145 failed institutions and 1171 individuals in the past five years (January 1, 2009, through July 24, 2014).
- Included in the above are 97 filed D&O lawsuits (26 of which have fully settled and 1 of which resulted in a favorable jury verdict) naming 749 former directors and officers.
- In addition, the FDIC has authorized 60 other lawsuits for RMBS, LIBOR suppression, fidelity bond, insurance, accounting malpractice, appraiser malpractice, and attorney malpractice claims.
- Finally, the FDIC has 84 residential mortgage malpractice and fraud lawsuits pending.
For the full FDIC Professional Liability Lawsuits Update of July 25, 2014 click on this link: http://www.fdic.gov/bank/individual/failed/pls/index.html
Make sure your D&O coverage is up to date!
For more information on Berkley FinSecure’s management liability products click here and contact your agent or broker today.
The post FDIC Continues to Collect from D&O Lawsuits and Claims appeared first on Berkley FinSecure.