Zuckerman Spaeder LLP Calls Upon Financial Industry Experience to Provide Counsel in Wake of National Economic Crisis
Representing individuals in investigations involving the financial services industry has long been a core practice of Zuckerman Spaeder LLP. In fact, Zuckerman Spaeder was actively advising clients and litigating cases related to mortgage-backed securities long before the various government interventions we’ve seen in recent months, stretching as far back as the bank failures during the savings and loan crisis that threatened the stability of the financial markets in the 1980s.
Most recently, the firm has represented the CFOs of both Freddie Mac and Fannie Mae in matters related to the accounting for mortgage-backed securities and related derivatives. Beginning in 2003, both Freddie Mac and Fannie Mae and their officers faced enforcement actions, as well as shareholder class actions and derivative suits, over “mark-to-market” accounting for derivatives, among other issues. In these matters, we litigated issues relating to safety and soundness requirements for risk management, internal controls, and corporate governance in various enforcement proceedings.
Our representation of these CFOs was preceded by our representation of the principals and officers of various banks, accounting firms, and mortgage servicers in regulatory investigations and enforcement actions by banking regulators and the Securities and Exchange Commission. Our experience in the aftermath of the savings and loan crisis ran the gamut from representing individuals in multi-district litigation stemming from massive bank failures to representing an executive of a major mortgage servicing firm who was acquitted in a federal criminal case. More recently, we represented the controller of one of the nation’s largest national banks in an investigation focused on loan loss reserves, as well as various employees of Wall Street investment banks in matters related to alleged market manipulation schemes.
Zuckerman Spaeder is devoted to the zealous representation of individual officers of financial services companies who may find themselves caught up in investigations of the firms they served. Because we are able to draw on the experience of our many former federal prosecutors and other government lawyers, as well as veteran commercial civil litigators with experience in bankruptcy and restructuring, securities litigation, tax, and real estate, we are confident in our ability to guide those individuals through the thicket of litigation that is sure to be part of the fallout from the current financial crisis.