Federal Deposit Insurance v. Rippy

Affirmed in part, reversed in part, vacated in part, and remanded by published opinion. Judge GREGORY wrote the opinion, in which Judge HARRIS and Senior Judge HAMILTON joined.

GREGORY, Circuit Judge:

The Federal Deposit Insurance Corporation, as Receiver for Cooperative Bank (“FDIC-R”), brought this civil action against the several officers and directors of a failed North Carolina bank, Cooperative Bank (“Cooperative” or the “Bank”), alleging that the officers and directors were negligent, grossly negligent, and breached their fiduciary duties, resulting in the failure of the Bank. In this…