Financial Services: Litigation

Our attorneys handle significant litigation for financial institutions and are familiar with the risks in today’s ever-shifting regulatory and economic environment. With offices coast to coast, our nationally recognized litigation team wins cases and resolves disputes that threaten our clients’ competiveness.

Represented a bank in a putative ERISA “stock drop” class action valued at $1.5 billion. The plaintiffs’ consolidated complaint took aim at the bank, its trust oversight committee, and several high-ranking officials, accusing them of concealing the bank’s true financial condition and thus causing the bank’s 401(k) plan participants to purchase company stock at inflated prices. The Sixth Circuit unanimously affirmed the dismissal of the plaintiffs’ complaint.
Defeated a class certification in a putative nationwide class action brought by an individual borrower alleging violations of the Real Estate Settlement Procedures Act (RESPA). The plaintiff alleged that the bank and its subsidiary, an affiliated real estate settlement service provider, engaged in kickbacks and fee splitting.
Appointed by the U.S. government five times to manage federal monitorships, including critical monitorships for Merrill Lynch and The Bank of New York Mellon Corporation.
Represented a bank in a commercial class action alleging speculative, excess, and overstated loan interest charges. On behalf of the financial institution, we obtained complete dismissal of putative nationwide and state class actions involving allegedly improper commercial billing practices. Other banks had previously settled parallel claims for eight figures.
Representing a federally insured bank in a matter involving a novel banking product being offered to consumers. We represent the bank in five parallel putative nationwide class action lawsuits initially filed in federal courts, now consolidated in a single action. The lawsuit is the first of its kind and raises complicated issues of first impression in a highly regulated area of law overseen by a number of agencies and regulations, including usury, TILA, and EFTA.
Successfully moved to dismiss a statewide consumer class action seeking to hold the client, a large regional bank, liable under the Uniform Commercial Code and Ohio common law in connection with a Ponzi scheme involving unregistered securities orchestrated by a third party.
Represented the only defendant bank to obtain a summary judgment in a multiparty lawsuit. The litigation was brought by a software company’s former CEO and largest shareholder, who made allegations against the bank that it engaged in collusion and conspiracy to loot the company in its role as a senior lender in a multilayer financing structure. The win eradicated a claim for $20 million in compensatory damages and unspecified amounts in punitive damages sought by the plaintiff.