FDIC sues former Bank of Commonwealth officials
http://hamptonroads.com/2014/09/fdic-sues-former-bank-commonwealth-officials
Former Bank of the Commonwealth president and CEO Edward J. Woodard Jr. leaves the federal courthouse in Norfolk on Friday, May 24, 2013, after being found guilty of conspiracy to commit bank fraud and 10 related counts. His wife, Sharon, is seen in the background.
FDIC sues former Bank of Commonwealth officials
By Tim McGlone
The Virginian-Pilot
© September 23, 2014
NORFOLK
A new lawsuit has been filed against former Bank of the Commonwealth CEO Edward J. Woodard Jr., ex-chairman Richard Tavss and eight other board members seeking at least $11 million in damages from alleged negligent banking practices.
The lawsuit filed by the Federal Deposit Insurance Corp. was made public Monday in U.S. District Court on the eve of a three-year deadline - from the date the bank failed in 2011 - to file such an action.
The suit also comes after the FDIC settled a similar though not directly related legal action against Tavss, his Norfolk law firm Tavss Fletcher, and its insurance company, which jointly paid a $1 million penalty.
Tavss served on the bank's board of directors from 1988 until it closed and served as chairman for the last 18 months it was open.