In one of the more unusual lawsuits facing bank directors, a former thrift chairman once banned from banking by federal regulators is suing directors of a New Jersey thrift for libel.

In a suit filed in New Jersey Superior Court, Lawrence B. Seidman accused IBS Financial Corp. chairman Joseph M. Ochman Sr. and other directors of mailing a Nov. 17 letter to stockholders containing what Mr. Seidman calls slanderous comments about him.

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