In a February 10, 2015 article, Banking Daily
noted that several banking and business groups and the North Carolina Commissioner of Banks filed amicus briefs before the Fourth Circuit supporting the former officers and directors of Cooperative Bank. Last year, a federal judge ruled against the Federal Deposit Insurance Corporation (FDIC), applied the business judgment rule and granted summary judgment in favor of the former directors and officers of the bank seized by the FDIC in 2009. The FDIC is appealing the ruling.
The bank is represented by Venable partners Tom Gilbertsen and Ron Glancz, counsel Meredith Boylan
, and associate Michael Bracken.