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3 former execs of failed Calif. bank settle FDIC suit for $5.5M

Threeformer Sonoma ValleyBank executives settled an FDIC lawsuit for about $5.5 million,according to a document posted on the FDIC's website.

In 2013,the FDIC, as receiver for the failed Sonoma, Calif.-based bank, filed a for money damagesagainst former CEOs Sean Cutting and Melvin Switzer, as well as Vice PresidentBrian Melland for their involvement in a series of risky real estate loans.