The Federal Deposit Insurance Corp. said Tuesday it is seeking to recover $2.5 billion by suing former executives of failed U.S. banks.
The agency said it has authorized professional liability lawsuits against 109 such officials, who weren't named by the FDIC. After seizing failed banks, the FDIC is permitted to sue officers and directors and other officials such as lawyers and accountants to replenish the agency's deposit insurance fund, which absorbs the cost of bank failures.
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