Litigation

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Florida Federal Judge Says Bank Directors Not Liable For Ordinary Negligence In Failed Bank Lawsuit
Posted on 20 Aug 2012 by Kevin M. LaCroix

A federal court has ruled in the only FDIC failed bank lawsuit pending in Florida that directors cannot be liable for ordinary negligence under Florida law. On August 8, 2012, Middle District of Florida Judge Gregory Presnell granted the motion of the... Read More

Tags: Kevin LaCroix , FIRREA , Florida law , failed bank lawsuit , Litigation , FDIC , D&O Diary , ordinary negligence , Judge Gregory Presnell

The Week In Securities Litigation: DOJ Files Significant Market Crisis Case Against Rating Agency
Posted on 9 Feb 2013 by Thomas O. Gorman

The Department of Justice filed one of the most significant market crisis cases this week against a major rating agency as a defendant. The case centers on years of false statements about ratings given to RMBS and CDOs, according to the complaint, as... Read More

Tags: sec enforcement , RMBS , Recover , Thomas Gorman , SEC Actions , CDOs , U.S. v. McGraw-Hill Companies , Department of Justice , FIRREA , S&P , securities litigation , SEC , Litigation , market crisis , PCAOB , and Enforcement Act of 1989 , DOJ , Financial Institutions Reform , Securities

A Failed Bank, A Lawsuit, And Some Interesting Questions
Posted on 30 Jul 2010 by Kevin M. LaCroix

Though 268 banks have failed since January 1, 2008, there has been relatively little litigation related to the failed banks, as least so far. For example, the FDIC only recently filed its first action against former directors and officers of a failed... Read More

Tags: Georgian Bankcorporation , Kevin LaCroix , Banking , failed banks , directors & officers liability , negligent misrepresentation , FIRREA , D&O insurance , Corporate Law , Georgian Bank , bank failures , banks , Litigation , lawsuit , FDIC , directors & officers insurance

New Preemption Exceptions May Broaden State Consumer Protection Law Enforcement
Posted on 16 Nov 2010 by LexisNexis Litigation Resource Community Staff

By Oluwaseun O. Ajayi and Kendra C. Kinnaird Stepped-up enforcement of state consumer protection laws in the field of home mortgage lending is inevitable for all types of lenders, including those with federal charters. Federal banks and thrifts, long... Read More

Tags: preemption , Dodd-Frank , home mortgage lending , FIRREA , state consumer protection laws , institutions , McCurry v. Chevy Chase Bank , Home Owner's Loan Act , United States Supreme Court , HOLA , thrifts , banks , New York v. First American Corp. , Litigation , Recovery and Enforcement Act of 1989 , lawsuit , McCulloch v. Maryland , Oluwaseun Ajayi , Kendra Kinnaird , Financial Institutions Reform , BuckleySandler LLP

Standard & Poor's Sued Over Inflated Ratings On Structured Debt Securities
Posted on 5 Feb 2013 by Timothy Raub

LOS ANGELES - (Mealey's) The U.S. government on Feb. 5 announced the filing of a lawsuit in California federal court against Standard & Poor's Ratings Services alleging that the ratings agency lied about its objectivity and independence and... Read More

Tags: Poor's Ratings Services , collateralized debt obligation , RMBS , United States of America v. McGraw-Hill Companies Inc. , FIRREA , financial services , P , CDO , Recovery and Enforcement Act , Litigation , Financial Institution Reform , Residential Mortgage-Backed Securities , Standard &amp , Poor's Financial Services , McGraw-Hill Cos. , structured debt securities , S&amp , Securities