This is the title of my newest law review article that discusses financial institution litigation, which is a lucrative field for lawyers.[2]
Banks and their financial institution brethren present wonderful targets for American and foreign lawyers, because they have “deep pockets” from which to recover. After all, Wells Fargo Bank alone has incurred losses of more than $12 billion, inter alia, to compensate aggrieved parties and their lawyers for the misconduct and alleged criminality of its management and employees—even though no one has gone to prison yet.[3]
Can there be big “paydays”? Of course. The class settlement in one recent lawsuit resulted in the payment of $432.4 million to the class members, $36 million in attorneys’ fees to class counsel, and another $483,489.04 to class counsel in litigation costs. This is not a pittance—nor were the substantial revenues generated on the other side of the ledger, for the bank’s counsel.
To succeed, great skill and determination—coupled with tenacity and luck—are necessary. Such litigation is not for the faint-hearted or for amateurs.
© 2020, Timothy D. Naegele
[1] Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass). He and his firm, Timothy D. Naegele & Associates, specialize in Banking and Financial Institutions Law, Internet Law, Litigation and other matters (see www.naegele.com and Timothy D. Naegele Resume-20-3-10). He has an undergraduate degree in economics from the University of California, Los Angeles (UCLA), as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University. He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal (see, e.g., https://en.wikipedia.org/wiki/Commendation_Medal#Joint_Service). Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., www.naegele.com/whats_new.html#articles), and can be contacted directly at tdnaegele.associates@gmail.com
[2] See Timothy D. Naegele, So You Want To Sue A Bank, Or Defend One? 137 BANKING L. J. 164 (April 2020) (Naegele April 2020) (Banking L J April 2020 Naegele) [NOTE: To download The Banking Law Journal article, please click on the link to the left of this note]
[3] See https://naegeleblog.wordpress.com/2019/09/27/wells-fargo-an-american-banking-nightmare/ (“Wells Fargo: An American Banking Nightmare”) (see also the comments beneath the article)
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