News & Events

News & Events

7.12.2011

Gangnes Quoted in BNA Banking Report Article Regarding FDIC Suit Against Former WaMu Officials

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Lane Powell Shareholder Larry Gangnes was quoted in The Bureau of National Affairs’ (“BNA”) July 6 Banking Report article titled “FDIC Suit Against Former WaMu Officials Puts Spotlight on Business Judgment Rule.” The article discusses how the Federal Deposit Insurance Corporations’ (“FDIC”) lawsuit against the former Washington Mutual (“WaMu”) officials is shaping the role that the business judgment rule plays in suits against bank directors and officers.

Larry S. Gangnes, a partner with Lane Powell PC in Seattle, who co-chairs the firm’s securities litigation and directors and officer liability group, July 5 said arguments in the case, and how they fare, will be important signals for bankers and regulators alike.

‘All of these arguments are going to be arguments that you’re going to see in other cases, so to the extent they’re successful here that may be a signpost for other lawsuits. That’s going to be true both for the FDIC and the defense bar,’ Gangnes told BNA July 5.