American and British directors of corporations should be mindful of the different standards of conduct, obligations, and potential personal liability when holding directorships in Turkish companies, particularly if such companies’ financial situation is deteriorating.

As we reported earlier in the week, the Federal Deposit Insurance Corporation ("FDIC") has begun filing lawsuits against the directors and officers of banks that it now holds in receivership . The lawsuits are consistent with previous public statements in which the FDIC committed to try to recover, from the directors and officers of these failed banks, some of the $2.5 billion lost to bad loans in recent years.