Do banks’ current insurance programs provide comprehensive liability protection for construction defect claims and related litigation?
The first securities class action jury verdict arising out of the Current REAL ESTATE crisis occurred on November 18, 2010 [In re BankAtlantic Bancorp, Inc. Securities Litigation, No.07-61542, S.D. Fla]. After a four week trial, the Florida jury found that the bank and two of its officers had failed to disclose the extent of risk in its troubled real estate portfolio. Damages are estimated to exceed $42 million.
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