Rep. Bill McCollum, R-Fla., claimed last week that excessive and groundless litigation against bankers "has had a chilling effect on lending, credit availability, and the nation's economy."

"Suits against officers and directors accused of wrongdoing have often turned into a witch hunt," according to Rep. McCollum, who said he had 31 examples of excessive prosecution by regulators. He introduced a bill to provide affirmative defenses.

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