Following the collapse of the mortgage market in 2007, there is an unprecedented flood of litigation, proposed regulation and criminal investigation related to the market’s lending and underwriting practices, accounting standards, investment risk ratings, and the sale, marketing and investment in collateralized debt obligations (CDOs).
Class action lawsuits are filed by investors against lenders, underwriters and investors in CDOs. Investors and home-owners are also filing numerous individual lawsuits against the many participants in the mortgage lending and securitization markets. Shareholders in public companies whose share prices declined because of losses from CDO investments are filing cases against those companies and others.
The claims alleged in these lawsuits include negligence, fraud, noncompliance of financial statements with GAAP, nondisclosure of information regarding loan packages sold to investors, predatory lending, excessive fees, securities fraud, violations of state consumer protection laws, and many other types of substantive claims. A recent decision by the United States Supreme Court threatens to broaden the scope of potential claims by possibly allowing individual 401(k) participants to bring lawsuits when the value of their individual 401(k) plan declines. If a 401(k) plan is invested in securitized debt or in companies with exposure to credit markets, this recent decision allows lawsuits against the plan administrator and others if the value of the plan declines.
To serve our clients in litigation and related disputes arising out of this continually evolving and high-risk environment, we brought together lawyers from across all U.S. offices and all relevant practice groups. These lawyers have a long history of serving clients in the following relevant legal disciplines and types of disputes:
- ERISA litigation
- Consumer and investor class action
- Shareholder litigation
- Bankruptcy litigation
- Securities litigation
- Financial disclosure litigation
- Contract and commercial tort litigation
- Appellate and United States Supreme Court litigation
- Capital markets
- Complex commercial litigation
- Real estate lending
- Insurance coverage litigation
- Bank regulatory matters
- Debt securitization
- Accounting and audit litigation
- Government relations
- Internal investigations and white collar criminal defense
The highly technical challenges that related matters present require knowledgeable counsel who have substantial experience in this broad array of legal disciplines and who can work together effectively to solve client problems and provide exceptional client service. The strength of our lawyers’ experience and the client service they provide is amplified by their focused participation in a single practice group designed to leverage their individual experience with the group’s collective strength.