Nellie E. Hestin Partner

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Nellie is co-chair of the Ponzi Litigation Team and has a broad range of litigation and regulatory experience representing financial industry clients in state and federal courts around the country, as well as in regulatory and enforcement actions and inquiries.

Financial Services Litigation

Nellie has significant experience litigating on behalf of major financial institutions, particularly areas involving investment and consumer fraud.  Nellie has defended and conducted internal investigations on behalf of banks in Ponzi scheme, check kiting, and financial fraud matters involving some of the largest schemes in the country. This work includes litigation brought by classes of individuals seeking to hold banks liable for victims’ losses as well as receivers seeking to recover fraudulent transfers. Nellie also helped to launch McGuireWoods’ Ponzi Perspectives blog. In addition, Nellie defends financial institutions more broadly in challenges to their investment platforms and practices.

Nellie also focuses on defending clients sued in class actions across the country in consumer banking and finance matters, Nellie has defended national banks, vehicle finance companies, credit card issues, merchant service providers, and other financial institutions in putative class actions, litigating them through class certification and, when appropriate, settling cases on a class-wide basis.

Broker Dealers

In the broker dealer arm of her practice, Nellie represents clients facing regulatory and supervisory inquiries and examinations by FINRA and the SEC. Nellie particularly focuses on non-financial regulatory reporting, counseling clients on compliance with Consolidated Audit Trail (CAT) reporting, developing and managing comprehensive regulatory engagement strategies, and advising clients on securities regulatory matters.



Complex Litigation and Investigation Experience

  • Defense of banks in class action and single-plaintiff cases across the country alleging that the banks were liable for Ponzi scheme losses, including precedential decision in Isaiah v. JPMorgan Chase Bank, N.A., 960 F.3d 1296 (11th 2020).
  • Defense of multiple banks in check kiting schemes, including internal investigation and defense of civil and receiver-initiated litigation.
  • Defense of multiple major financial institutions in putative class actions challenging the investment of personal trust assets in affiliated mutual funds and improper imposition of fees.
  • Defense of corporate trustee in challenge to selection of investments, share classes, and disclosures relating to trustee’s investment platform
  • Representation of banking industry groups in amicus brief in support of petition to the United States Supreme Court on issues related the applicability of the Uniform Securities Litigation Uniform Standard Act for trustees of irrevocable trusts.
  • Representation of multiple vehicle finance companies in putative class actions related to violation of UCC and consumer protection laws, including pre- and post-repossession notices, improper fees, and failure to disclose fees.
  • Defense of merchant services processer in litigation relating to credit card processing, including class action relating to allegedly improper fees and chargebacks.
  • Defense of major financial institution from a variety of mortgage-related claims in several putative class actions in Oklahoma, Pennsylvania, and on appeal in the Third Circuit.
  • Representation of financial institutions in securities lending investment cases.
  • Defense of major financial institution in bench trial arising out of the liquidation of collateral pledged in support of a loan management account.
  • Six-month secondment as a senior associate, on-site in New York with the Wholesale Litigation Group for a major financial institution, responsible for litigation associated with the institution’s Corporate & Investment Bank, Asset Management, and overall Corporate matters.

Broker Dealer Experience

  • Counseled several broker dealers on compliance with Consolidated Audit Trail (CAT) reporting
  • Representation of broker dealer in wide-ranging internal investigations and regulatory disclosure of errors in the firm’s securities trading reporting, including with respect to FINRA’s Order Audit Trail System (OATS) and trade reporting
  • Management of broker dealer’s FINRA formal and informal CAT reporting inquiries
  • Representation of broker dealer in trade reporting and Reg SHO FINRA inquiries and enforcement actions
  • Counseled broker dealer with respect to array of compliance issues involving supervision, TFCE exam process, and non-financial regulatory reporting