Elliott Levin v. William Miller

Sykes, Circuit Judge.

Irwin Financial Corporation was a holding company for two banks that failed in the wake of the 2007-2008 financial crisis. When the crisis began, regulators and Irwin's outside legal counsel both advised the company to buoy up its sinking subsidiaries. Irwin's Board of Directors therefore instructed the officers to do everything they could to save the banks. The officers tried to raise capital and applied for government aid, but the chances of success were slim. Private investors showed little interest in the company, and federal regulators signaled that a bailout was…