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FEDERAL DEPOSIT INS. CORP. v. LOUDERMILK

No. S14Q0454.

761 S.E.2d 332 (2014)

295 Ga. 579

FEDERAL DEPOSIT INSURANCE CORPORATION v. LOUDERMILK et al.

Supreme Court of Georgia.

July 11, 2014.

Attorney(s) appearing for the Case

Michael P. Kohler , Charles B. Lee , Laura Elisabeth Ashby , Miller & Martin PLLC, Atlanta, James S. Watson , David C. Joseph , Federal Deposit Insurance Corporation, Arlington, for appellant.

Robert Riles Ambler, Jr. , Womble, Carlyle, Sandridge & Rice, PLLC, Robert Richard Long, IV , Jeffrey Jerry Swart , Elizabeth Gingold Greenman , Steven M. Collins , Brian David Boone , Alston & Bird LLP, Atlanta, for appellee.

Joseph J. Reilly , Katherine B. Katz , Buckleysandler LLP, Washington, Stephanie Burnham, Asst. Atty. Gen., William Wright Banks, Jr. , Senior Asst. Atty. Gen., Atlanta, Michael Peter Carey , Bryan Cave LLP, John Robert Bielema, Jr. , Bryan Cave Powell Goldstein, LLP, W. Scott Sorrels , Thomas William Curvin , Valerie Strong Sanders , Samuel Justin Casey , Nkoyo-Ene R Eiffiong , Sutherland Asbill & Brennan LLP, Atlanta, amicus appellee.

BLACKWELL, Justice.

As the receiver of the Buckhead Community Bank, the Federal Deposit Insurance Corporation sued nine former officers and directors of the bank,1 alleging that they were negligent with respect to the making of loans, which led the bank, the FDIC says, to sustain nearly $22 million in losses. The defendants moved to dismiss the lawsuit, arguing that the business judgment rule relieves officers and directors of any liability...

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