In high-profile Federal Claims litigation involving government contracts with financial institutions (Winstar v. United States), we obtained favorable rulings for our client from the Court of Federal Claims, the Court of Appeals for the Federal Circuit, and the U.S. Supreme Court. Those rulings held the government liable for breach of contract with our client that had acquired a troubled thrift in return for regulatory capital treatment of its resulting goodwill. The firm’s Winstar-related ruling represented not only financial institution interests, but also pursued related, non-Winstar claims on behalf of shareholders of failed institutions and other clients for just compensation based on unlawful “regulatory takings” by the federal government.
Closely working with financial institutions and their regulatory counsel (inside or outside the institution), we tightly follow the developments of federal regulatory issues that affect financial institutions and their competitors. For example, Hollingsworth LLP filed amicus curiae briefs on behalf of a financial institution client in support of the Federal Home Loan Bank system’s mortgage partnership program, which had been challenged by certain competitors of the institutions utilizing the program. In another amicus curiae filing, our client supported the American Bankers Association’s challenge to the National Credit Union Administration’s expansive interpretation of credit union membership rules.
Representing shareholders, officers, directors and borrowers of financial institutions (both open and closed) in connection with civil litigation brought by the FDIC and the former RTC, and in administrative enforcement proceedings initiated by the federal banking agencies, we also have extensive knowledge and experience with the receivership rules and procedures of the FDIC regarding closed financial institutions.
Solely focused on litigation, our financial institution clients benefit from our ability to collaborate with the firm’s Complex Litigation and eDiscovery teams to provide cutting-edge solutions and powerfully effective outcomes designed to advance their business goals.