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Business Entities Keyed to Chiappinelli
FDIC v. Rippy
Citation:
799 F.3d 301 (4th Cir. 2015)Facts
The Federal Deposit Insurance Corporation, as Receiver for Cooperative Bank (FDIC-R), brought this action against the several officers and directors of a failed North Carolina bank, alleging that the officers and directors were negligent, and breached their fiduciary duties, resulting in the failure of the Bank. Cooperative underwent a loan review, which was conducted by Credit Risk Management, LLC (CRM). CRM issued a written report of its finding that criticized Cooperative for deficiencies relating to loan documentation and monitoring, and for use of stale financial information. Another report also noted that Cooperative’s management had ignored or inadequately addressed previously raised concerns about credit administration, underwriting practices, and liquidity. The FDIC-R argues that the district court erred in finding that North Carolina’s business judgment rule shields the officers and directors from allegations of negligence and breach of fiduciary duty, and there was insufficient evidence to support claims of gross negligence.
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Topic Resources
Topic Outline
Corporate Liability