FDIC Suits Against Outside Advisors to Failed Banks: Latest Developments

Defending Agency Claims Against Auditors, Law Firms and Other Professionals; Maximizing E&O Insurance Coverage

FDIC's first lawsuit against failed bank's auditors filed Nov. 2012

Recording of a 90-minute CLE webinar with Q&A


Conducted on Wednesday, April 17, 2013

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE webinar will provide banking counsel with a review of current theories behind claims against outside advisors and professionals to failed banks. The panel will outline common defenses for outside professionals and offer best practices for maximizing E&O insurance coverage.

Description

In the wake of the banking crisis, the FDIC has aggressively sought recovery from outside advisors and professionals of failed banks. These advisors include law firms, real estate appraisers, accountants and auditors.

The FDIC’s website indicates that to date it has authorized 46 attorney and appraiser malpractice suits, residential mortgage-backed securities claims and fidelity bond cases.

The FDIC’s recent actions demonstrate it is looking beyond bank directors and officers to recoup losses from the banking crisis. At-risk advisors to failed institutions should review coverage under applicable E&O insurance policies and anticipate policy exclusions that insurers are most likely to raise.

Listen as our authoritative panel of experienced practitioners discusses trends in FDIC suits against outside professionals of failed banks, analyzes theories behind the suits and common defenses, and reviews E&O insurance coverage issues.

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Outline

  1. Overview of recent FDIC litigation activity
  2. Theories of liability and defenses for auditors
  3. Theories of liability and defenses for law firms and other outside professionals
  4. Strategies for maximizing available E&O insurance

Benefits

The panel will review these and other key questions:

  • What are the latest developments in FDIC litigation against outside advisors of failed banks?
  • What theories has the FDIC advanced against various outside professionals?
  • What are the most viable defenses available to defendants?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Mary C. Gill
Mary C. Gill

Partner
Alston & Bird

With over 30 years of experience in securities litigation, financial services litigation and complex...  |  Read More

Steven C. Morrison
Steven C. Morrison
Counsel, Professional Liability/Financial Crimes Group
FDIC

With 25 years experience as a trial attorney and 34 jury trials of complex civil and criminal matters as lead...  |  Read More

Linda D. Kornfeld
Linda D. Kornfeld

Partner
Jenner & Block

A nationally recognized insurance coverage litigator with extensive trial and appellate experience, she represents...  |  Read More

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