A federal jury in Atlanta on Tuesday held that eight directors of a defunct Atlanta bank are personally liable for $5 million in losses stemming from bad loans that contributed to the bank’s 2009 collapse.
The jury of seven women and five men issued a split verdict after two-and-a-half days in deliberations at the end of a two-week civil trial against members of the defunct Buckhead Community Bank governing board’s loan committee. The jury determined that the loan committee —which included some of Atlanta’s most prominent and successful businessmen and the bank’s top executives—were personally liable for $5 million for four failed real estate development loans totaling more than $8.6 million.
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