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US Banker, December, 2002
FDIC in pursuit over Superior loss
The FDIC is still sore over the $750 million it had to pay out to insured depositors when Superior Bank collapsed last year. Regulators want their money back-and then some-even after collecting $460 million from some of the bank's owners. The FDIC is going after the bank's auditors, Ernst & Young, with a $2.2 billion lawsuit. Regulators allege Ernst & Young misrepresented the bank's true financial condition because, at the time, the auditing firm was too preoccupied with selling its consulting arm, which it sold in May 2000 for $11 billion to Cap Gemini. Now the firm is faced with $548 million in compensatory damages and $1.6 billion in punitive damages. If it agrees to pay, this would be federal regulators' largest victory since 1992 when...
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