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Welcome to the inaugural issue of Greenberg Traurig’s Financial Services Insights. The impact of Coronavirus Disease 2019 (COVID-19) has been both unexpected and devastating. As the economic fallout spreads, financial institutions are faced with major challenges in how they conduct business and interact with their customers. This newsletter reviews significant cases and legal developments affecting the financial services industry, including the CARES Act and related litigation, LIBOR developments, and regulatory enforcement actions.

Read the full GT Newsletter, “Financial Services Insights | Summer 2020.”

Tags: banking, CARES Act, class action litigation, commercial litigation, compliance, financial insights, financial regulatory and compliance, Financial Services Observer, Greenberg Traurig, GT Insight, GT Law, GT Newsletter, Lending, LIBOR, risk management, Securities Litigation
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Photo of Paul Ferak Paul Ferak

Paul J. Ferak is Co-Chair of the Financial Services Litigation Practice. Paul focuses his practice on financial services litigation, business litigation, and class action defense. He has served as lead and co-lead counsel in matters across the country. He manages a national team

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Paul J. Ferak is Co-Chair of the Financial Services Litigation Practice. Paul focuses his practice on financial services litigation, business litigation, and class action defense. He has served as lead and co-lead counsel in matters across the country. He manages a national team of attorneys across Greenberg Traurig’s offices defending financial institutions in a variety of consumer and business matters and class actions. He has defended class actions involving mobile banking, electronic payments, credit cards, mortgages, and overdraft practices. He also regularly defends matters alleging violations of various statutes affecting the financial services industry, including credit cards, banking, and mortgage laws; privacy laws; and state consumer fraud laws; as well as matters relating to allegations of breach of contract and lender liability.

Paul is one of the leaders of the firm’s franchise litigation practice. He has represented franchisors in high-stakes litigation involving claims of breach of contract, breach of good faith and fair dealing, fraud, consumer fraud, tortious interference, and violation of various franchise laws. He has broad experience handling franchise terminations, nonrenewals, and the enforcement of in-term and post-termination covenants. He has handled both class and individual franchise cases.

Paul also has handled a variety of complex business disputes, including working capital, earn-out, and other post-acquisition claims in arbitration and in court.

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Photo of Michele L. Stocker Michele L. Stocker

Michele L. Stocker is Co-Chair of the Consumer Financial Services Litigation Practice and is a commercial litigator with a broad range of experience representing clients in the financial services industry including regional and national banks, loan servicers, consumer finance companies, mortgage bankers, credit

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Michele L. Stocker is Co-Chair of the Consumer Financial Services Litigation Practice and is a commercial litigator with a broad range of experience representing clients in the financial services industry including regional and national banks, loan servicers, consumer finance companies, mortgage bankers, credit card issuers, debt buyers and third-party debt collectors.

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Photo of Jonathan H. Claydon Jonathan H. Claydon

Jonathan H. Claydon focuses his practice on complex commercial litigation in both federal and state courts. He represents clients in a wide array of cases, focusing primarily on bank litigation, business litigation, class action defense, and employment litigation.

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Photo of Joel Max Eads Joel Max Eads

Joel litigates securities class and derivative actions, competitor and consumer suits against financial institutions, Lanham Act, unfair competition, and tortious interference claims, civil RICO, insurance and reinsurance disputes, professional liability and product liability tort suits. Joel also serves as the pro bono liaison

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Joel litigates securities class and derivative actions, competitor and consumer suits against financial institutions, Lanham Act, unfair competition, and tortious interference claims, civil RICO, insurance and reinsurance disputes, professional liability and product liability tort suits. Joel also serves as the pro bono liaison for the firm’s Philadelphia office.

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Photo of Cindy Hamilton Cindy Hamilton

Cindy Hamilton is an experienced litigator focused on complex commercial litigation, including class action defense, in the areas of financial services, real estate, employment and intellectual property. She has counseled and represented company and individual clients on matters involving contract disputes, fraud claims

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Cindy Hamilton is an experienced litigator focused on complex commercial litigation, including class action defense, in the areas of financial services, real estate, employment and intellectual property. She has counseled and represented company and individual clients on matters involving contract disputes, fraud claims and unfair competition. Her practice also includes transactional intellectual property work, including advising clients on copyright and trademark rights and protection. She has broad experience representing clients in jury and non-jury trials. Cindy is the Pro Bono Coordinator of the firm’s Silicon Valley office.

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Photo of Michael M. Krauss Michael M. Krauss

Michael Krauss, a former Assistant United States Attorney for the Southern District of New York, advises banks, institutional trustees, and investors on an array of complex financial disputes, as well as corporate trust and structured product matters, including residential mortgage-backed securities litigation and…

Michael Krauss, a former Assistant United States Attorney for the Southern District of New York, advises banks, institutional trustees, and investors on an array of complex financial disputes, as well as corporate trust and structured product matters, including residential mortgage-backed securities litigation and actions alleging breach of trust. Michael also represents banks and other creditors to enforce remedies and defend counterparty claims. He routinely litigates disputes arising from insolvencies, particularly in matters where a business’s collapse was brought about by criminal fraud. Michael has deep litigation experience in the highly-regulated field of tribal gaming finance.

As an Assistant United States Attorney, Michael tried multiple cases to verdict and argued more than 10 appeals before the Second Circuit. Michael has also handled pro bono matters related to asylum, guardianship, and criminal appeals.

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Photo of Lisa M. Simonetti Lisa M. Simonetti

Lisa M. Simonetti focuses on the defense of complex litigation, with broad experience representing clients in the financial services industry, including regional and national banks, credit card issuers, mortgage bankers, various types of loan servicers, consumer finance companies and third-party collectors. She serves

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Lisa M. Simonetti focuses on the defense of complex litigation, with broad experience representing clients in the financial services industry, including regional and national banks, credit card issuers, mortgage bankers, various types of loan servicers, consumer finance companies and third-party collectors. She serves as trial and appellate counsel in courts across the country and routinely counsels financial services clients on compliance with state and federal laws and regulations.

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Photo of Kathleen M. Kline Kathleen M. Kline

Kathleen Kline litigates a broad range of commercial disputes, including securities class and derivative actions, claims against financial institutions, contract actions, and professional liability claims. She has represented clients in defense of securities class actions, shareholder derivative matters, consumer and competitor claims against

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Kathleen Kline litigates a broad range of commercial disputes, including securities class and derivative actions, claims against financial institutions, contract actions, and professional liability claims. She has represented clients in defense of securities class actions, shareholder derivative matters, consumer and competitor claims against banks, professional liability suits involving insurance agents and brokers, insurance coverage and bad faith lawsuits, commercial torts and contract disputes, and products liability litigation.

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Photo of Jacob D. Bundick Jacob D. Bundick

Jacob D. Bundick has a commercial litigation practice focusing on multiple industries, including aviation, banking and financial services, and residential mortgages. His clients range from local businesses to multinational companies – many within the Fortune 100. Serving as lead and co-lead counsel

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Jacob D. Bundick has a commercial litigation practice focusing on multiple industries, including aviation, banking and financial services, and residential mortgages. His clients range from local businesses to multinational companies – many within the Fortune 100. Serving as lead and co-lead counsel nationwide, he manages a team of attorneys across Greenberg Traurig’s offices defending clients in a variety of business matters, consumer cases, and class action litigation.

Jacob works with national and global airlines on litigation matters involving, commercial disputes, personal injury and property damage claims, products liability, intellectual property, environmental issues, securities class actions, derivative actions, employment matters, data privacy, and advertising law. He also represents aviation clients in local, state, and federal investigations as well as corporate transactions.

His banking and financial services clients include major financial institutions, credit unions, mortgage loan originators, servicers, and investors. Jacob represents these clients in individual and class consumer claims, bankruptcy adversary cases, and contested foreclosures. He advises and represents corporate and institutional clients in federal and state court and various arbitration proceedings regarding claims arising under the Truth in Lending Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, Fair Housing Act, Fair Credit Collection Practices Act, and those based on state fair lending, collection and deceptive trade practices.

He also advises and represents corporate and institutional clients in copyright and trademark infringement matters, commercial contract disputes, construction and insurance matters, and real estate transactions.

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Photo of David G. Thomas David G. Thomas

David Thomas serves a Co-Chair of the Boston Litigation Group. He is a litigation, trial, and appellate attorney focusing on defending companies against unfair or deceptive business practices claims in individual and putative class action settings. Among other things, David represents (1) manufacturers

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David Thomas serves a Co-Chair of the Boston Litigation Group. He is a litigation, trial, and appellate attorney focusing on defending companies against unfair or deceptive business practices claims in individual and putative class action settings. Among other things, David represents (1) manufacturers and retailers facing false advertising claims arising out of alleged violations of federal and state consumer protection statutes, including the Federal Trade Commission Act and “little FTC Acts” like Massachusetts General Laws Chapter 93A – the Massachusetts Consumer Protection Act, and (2) lenders, mortgage brokers and servicers facing predatory lending and unfair servicing claims arising out of the Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), and state laws governing consumer financing and mortgage loan servicing. David also has represented companies and individuals facing securities law claims in an individual and class action setting and companies responding to civil investigative demands under the False Claims Act and state laws and enforcement actions brought by federal and state regulatory agencies, including the United States Department of Justice, Massachusetts Office of the Attorney General, and other federal and state agencies.

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Photo of John C. Molluzzo John C. Molluzzo

John C. Molluzzo, Jr. is an associate in the Litigation Practice of the firm’s New York office. He focuses his practice on complex commercial litigation, including residential mortgage-backed securities litigation. John represents corporations, financial institutions and non-profit organizations in a wide variety of

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John C. Molluzzo, Jr. is an associate in the Litigation Practice of the firm’s New York office. He focuses his practice on complex commercial litigation, including residential mortgage-backed securities litigation. John represents corporations, financial institutions and non-profit organizations in a wide variety of litigation matters, including securities litigation, government investigations, and contractual disputes. He has taken matters to trial, including in bankruptcy court and before Financial Industry Regulatory Authority (FINRA) arbitrators. John also has a rigorous pro bono practice, where he has litigated matters for non-profit organizations and minors seeking Special Immigrant Juvenile Status.

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Photo of Michael R. Hogue Michael R. Hogue

Michael R. Hogue focuses his practice on construction law, particularly medium and large-scale commercial urban development. Michael represents parties at all stages of the commercial development life cycle, from initial design and contract negotiation to pre and post-completion dispute resolution and litigation. He

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Michael R. Hogue focuses his practice on construction law, particularly medium and large-scale commercial urban development. Michael represents parties at all stages of the commercial development life cycle, from initial design and contract negotiation to pre and post-completion dispute resolution and litigation. He has represented large commercial owners and developers in real estate and construction litigation in both state and federal court, including claims for breach of contract, fraud, delay claims, negligence, defective design, failure to inspect, and construction defects. Michael also advises clients, including commercial developers and contractors, on trademark, copyright, trade dress and trade secret matters.

Additionally, Michael serves as part of the firm’s eDiscovery and eRetention group, providing advice and support to clients regarding best practices for records management. Michael also advises and represents clients regarding electronically-stored information and technology-assisted review in litigation in state and federal courts.

Finally, Michael represents creditors, particularly developers and commercial lenders, in bankruptcy proceedings under Chapters 7, 11, and 13, focusing on bankruptcy litigation in various states throughout the country. He also advises debtors with regard to various restructuring efforts ranging from pre-bankruptcy workouts to Chapter 11 petitions and plans.

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