The Federal Deposit Insurance Corp. has approved the agency's suing at least 109 former directors and officers of failed banks.
The FDIC posted the figure on its website Tuesday as part of an effort to publicize data about professional liability cases. The authorized cases, including two already filed, would seek nearly $2.5 billion in damages, the FDIC said.
"The goal of this website is to standardize the release of this information in a centralized and equitable way," the FDIC said in a press release, adding that data will be updated following monthly board meetings. The number of cases could ultimately increase.
Unless there is a settlement, the 109 individuals will likely face civil charges alleging a role in a bank's failure. So far, only two such cases — involving 15 defendants — have been filed, naming individuals associated with the failed IndyMac Bank in Pasadena, Calif., and Heritage Community Bank in Glenwood, Ill.
Typically, the agency has three years following a failure to seek damages, which are made available through a "director and officer" insurance policy taken out before a failure.
