The FDIC filed suit yesterday against 10 directors and officers of Champion Bank alleging “negligence, gross negligence, and breach of fiduciary duty in the underwriting, recommendation, and approval of seven high-risk out-of-territory commercial real estate (“CRE”) loan participations and two business lines of credit (collectively, the “Loss Transactions”), resulting in damages of at least $15.56 million,” according to court documents filed.
4:13-cv-00816 Federal Deposit Insurance Corporation as Receiver for Champion Bank et al v. DiMaria et al –
Defendants: Continue reading “FDIC Sues Champion Bank Directors“