11th Circuit Asks High Court if $5M Verdict Against Bank Officers Can Be Apportioned
The former directors of Buckhead Community Bank were found liable for nearly $5 million in damages after they were sued by the FDIC.
April 30, 2018 at 04:47 PM
5 minute read
The Eleventh Circuit Court of Appeals has asked the Georgia Supreme Court to weigh in on the state's apportionment statute as it applies to money damages against joint defendants acting “in concert,” and whether it applies to the directors of a failed bank hit with a nearly $5 million verdict tied to failed loans.
The questions were raised by an appeal filed by the former directors of the failed Buckhead Community Bank, which was closed by state regulators in 2009 and taken over by the Federal Deposit Insurance Corp.
The FDIC sued eight former directors and officers, including Buckhead Bank's founder and board chairman Charlie Loudermilk Sr., for claims including negligence and gross negligence for their roles in approving 10 commercial real estate loans that defaulted, costing the bank more than $21 million.
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