The Federal Deposit Insurance Corporation is working on a letter to the banking industry aimed at spelling out when directors and officers can share bank documents with their lawyers, a senior FDIC official told an American Bar Association meeting Nov. 3.
The issue, which might sound mundane, has provoked considerable controversy because of potential legal hazards for officers and directors in connection with bank failures and the personal liability they may bear.
In at least two cases, bankers eyeing possible failures have copied bank records and shared them with outside counsel in preparation for possible lawsuits against them by the ...
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