Practice Areas: Financial Services Litigation

The cornerstone of the McGuireWoods Financial Services Litigation group is our ability to effectively represent the interests of the vital, growing and increasingly complex financial services sector. Our representation of financial institutions includes securities, lender liability, regulatory, loan workout, foreclosure, class action and credit card related actions. Our experience encompasses all aspects of the expanding services offered by financial institutions, including recent cases involving securities fraud, failed asset securitizations and defaulted syndicated loans. We also have significant experience representing banks in connection with commercial disputes, business torts and intellectual property matters.

Representative Engagements

Bondi v. Bank of America Corp. et al.
Case No. 1:04 CV 215 (Western District of North Carolina); 05 CV 4015 (Southern District of New York-MDL)
The firm represents Bank of America in this action, which was originally brought in the Western District of North Carolina by the Extraordinary Commissioner of Parmalat Finanziaria, S.p.A., against several Bank of America entities. Plaintiff alleges fraud, negligent misrepresentation, unjust enrichment, RICO and other causes of action pertaining to the Bank’s role in providing financing for Parmalat through bond and private placements, and claims that losses exceeding $14 billion resulted from the collapse of the Parmalat enterprise. The team has represented Bank of America since this matter was filed in North Carolina in October 2004, and has continued the representation after the matter was transferred to the multi-district litigation proceeding in the Southern District of New York. Discovery in this action is worldwide in scope.

Bank of America N.A. et al. v. Bartmann et al.
Case No. CJ-2000-02274 (Tulsa County, Oklahoma, District Court)
Represented Banc of America Securities LLC in consolidated securities fraud litigation in Oklahoma state court arising from the bankruptcy of Commercial Financial Services Inc. CFS was the nation’s largest servicer of defaulted credit card receivables until its financial collapse. The lawsuit involved allegations of fraud in connection with a $189 million conduit transaction. Total claims in the consolidated litigation exceeded $1.2 billion. The litigation settled in 2006 after extensive discovery was conducted.

Norvergence Equipment Lease Litigation
Represents BB&T Leasing in connection with its efforts to collect on a $14 million lease portfolio for telecommunications equipment supplied by Norvergence, a bankrupt equipment/service provider. The firm has represented BB&T Leasing on 11 civil suits and 11 State Attorney General investigations that the Norvergence collapse has spawned.

Representation of banks in forged instrument matters raising complex Article 3 and Article 4 issues.

Representation of a national securities firm in connection with a New York Stock Exchange investigation and civil action brought by the estate of a former customer seeking damages arising from alleged embezzlement from the customer’s brokerage account.

Representation of a bank trust department in an action claiming fraud, constructive fraud, negligent misrepresentation and unfair trade practices arising from the alleged mishandling of an IRA and improper distribution of funds from the account.

Representation of national securities broker-dealers in multiple cases involving defections of brokers in violation of covenants not to compete.

Representation of national securities firms in multiple NASD arbitrations claiming mishandling of client accounts.

Representation of a financial services client in a sensitive internal investigation of allegations of regulatory violations by a senior official.

presentation of a public company in its internal investigation of insider trading compliance and its response to the subsequent regulatory inquiry.

Representation of a financial services client in its response to a time-sensitive SEC subpoena relating to potential trading improprieties.

Representation of a bank client in connection with an investigation by the Office of the Comptroller of the Currency into certain bank practices, requiring creation of a statistical sampling of credits provided to certain customers.

Representation of lenders in failed syndicated financing workouts and related bankruptcy proceedings.

Representation of an investment bank in connection with claim for fees owed by client that sought to terminate engagement prior to deal closing.