Acting as receiver for the failed bank, the FDIC alleged, among other things, gross negligence and breach of fiduciary duties. The defendants "exhibited an extreme departure from the standard of care" by agreeing to lend $100 million to six "uncreditworthy" borrowers without adequately analyzing their creditworthiness, determining whether their proposed real estate projects were feasible and identifying a reliable source of repayment, the lawsuit said. "Between late 2005 and early 2008, defendants approved a number of large and grossly imprudent loans, which, combined with director defendants' gamble on declining investment securities, caused damages in excess of $128 million," the lawsuit said.