The Federal Deposit Insurance Corporation (“FDIC”) has approved a final rule authorizing it to clawback any compensation senior executives and directors received within two years of the FDIC being appointed receiver, if the FDIC finds they were “substantially responsible” for the failed condition of a covered financial company. Of particular concern, the rule (implementing section 210(s) of the Dodd-Frank Act):
Filed under:
USA, Banking, Capital Markets, Insolvency & Restructuring, Insurance, Greenberg Traurig LLP, Fraud, Board of directors, Executive compensation, Negligence, Legal burden of proof, Gross negligence, Federal Deposit Insurance Corporation (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
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