SCOTUS overturns Sixth Circuit in FDIC penalty case

The U.S. Supreme Court overturned a Sixth Circuit decision which upheld the Federal Deposit Insurance Corp. (FDIC) finding and penalties applied to the former CEO of a Michigan community bank. The high court found two legal errors had been made in the adjudication of the case and that the Sixth Circuit should have remanded the case back to the agency for reconsideration so the errors could be corrected. Read on for more details.