The Federal Deposit Insurance Corp. has begun the process of pursuing the directors and officers of failed FDIC-insured financial institutions by sending "claim letters" to former officials informing them of the FDIC's intent to sue.

Since the beginning of this year 123 FDIC-insured banks have failed and the FDIC most likely will allege that some former directors and officers are responsible for the failures, as it has done after roughly a quarter of all seizures since 1985.

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