The FDIC sued 11 former executives and directors at a failed Illinois bank on Monday, part of the regulator’s efforts to recover more than $1 billion of losses in its deposit insurance fund.

The lawsuit accuses former officials at Heritage Community Bank of negligence, gross negligence and breach of fiduciary duty.

The Federal Deposit Insurance Corp is planning to sue more than 50 officers and directors of failed banks to help replenish its deposit insurance fund, a spokesman for the regulator said. Get the full story »