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Womble Carlyle's Financial Services Litigation Team provides its clients with the best of both worlds, bringing together nationally prominent regulatory and compliance experience with the litigation know-how for which Womble Carlyle is known.
Financial Services Litigation Team
Financial service institutions consistently find themselves the targets of lawsuits, regulatory enforcement initiatives, and government investigations. The enactment and implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the creation of the Consumer Financial Protection Bureau, and the resulting increase in regulatory scrutiny and negative public opinion have combined to create an era of unprecedented risk for financial service institutions. To guide our clients safely through this challenging environment, Womble Carlyle’s Financial Services Litigation team brings together attorneys from multiple offices and substantive legal disciplines. This approach ensures that we attack our clients’ challenges with both the requisite subject matter knowledge and the regional familiarity necessary to avoid local litigation and investigatory traps.
Womble Carlyle’s Financial Services Litigation Team boasts a breadth of skills and experience that few can equal. Our attorneys regularly represent banks, mortgage lenders, insurance companies, and non-traditional lenders in all types of state and federal consumer finance litigation and investigations.
Our experience includes (click to expand):
Our Financial Services Litigation Team represents lenders in state and federal claims relating to:
The fallout from the 2008 financial crisis gave rise to claims asserting a wide range of theories – both old and new – in mortgage disputes based on regulatory, statutory, contractual and “business tort” principles. Womble Carlyle’s Financial Service Litigation Team has developed a comprehensive understanding of these emerging theories and achieved favorable results for mortgage lenders in response to such claims. In particular, our team has successfully handled cases arising out of nearly all phases of the mortgage lending process, including:
Womble Carlyle’s Financial Services Litigation Team has developed and coordinated litigation strategy with respect to a significant multi-jurisdictional loan portfolio experiencing serial defaults and giving rise to expansive litigation. In this capacity, our team has assisted in balancing regulatory imperatives at the portfolio level with case-specific litigation demands, both as lead counsel in litigation initiated within Womble Carlyle’s footprint and as coordinating counsel for firms in other jurisdictions. Through this process, our team has demonstrated the ability to function not only as an advocate for a lender’s interests in a particular matter, but also as a strategic business partner with respect to a large number of related matters and a challenging portfolio of failing loans.
Womble Carlyle’s Financial Services Litigation Team has significant multi-state experience in representing financial institutions in fiduciary litigation matters at the federal and state level. We represent financial institutions in trust and estate litigation matters involving beneficiary breach of fiduciary duty allegations, investment issues, wealth management issues, IRA matters, and will contests, as well as technical trust modifications to achieve tax and other strategic objectives. Our Financial Services Litigation group has great depth in substantive Probate Code, Trust Code, and tax issues, and works closely with Womble Carlyle’s Trusts & Estates practice group.
Womble Carlyle guides clients through regulatory challenges involving a wide array of state and federal statutes and regulations, including TILA, RESPA, FDCPA, FCRA/FACTA, TCPA, ECOA, HMDA and fair lending, GLBA, HERA, EESA, government lending programs (including VA, FHA and USDA) and state consumer credit laws. We also counsel clients on matters of federal preemption and challenges presented by the often inconsistent and inefficient interplay of federal and state laws.
Our Financial Services Litigation Team is thoroughly familiar with the standard form ISDA Master Agreements and has successfully resolved litigation matters against banks involving interest rate swaps. These matters include common law claims, Bank Holding Company Act anti-tying claims and claims for rescission and reformation based upon unforeseen events such as intervention in the world economy by governments to lower LIBOR and the LIBOR manipulation scandal.
Any result the lawyer or law firm may have achieved on behalf of clients in other matters does not necessarily indicate similar results can be obtained for other clients.
Current turmoil in credit markets is creating unprecedented legal challenges. At this time, it is more important than ever for industry participants to choose outside counsel carefully, while dealing with emerging enterprise-level risk and other business challenges. At Womble Carlyle, our attorneys have been there all along. Financial services regulation always has been important to us, not just because of recent developments. We have offered top-notch representation to our retail financial services clients on cutting-edge issues for many years. Our Team provides in-depth counseling and advice based on our long experience in consumer financial services, from our “front-row seat” in the current market turmoil.
Clients who call on us now, whether banks, non-bank creditors, insurance companies, investment vehicles, vendors or service providers, do so not just because of the Firm’s legal acumen, but for our extensive experience in problem solving and vigorous advocacy for retail financial services market participants. Over the years, Womble Carlyle has handled a full complement of consumer financial services matters, including multi-state compliance projects, class action lawsuits, government enforcement actions, entity formations, financial transactions and retail product development.
The Team represents banks, finance companies, nontraditional credit providers, technology vendors, financial investors, insurance companies and other financial service providers in consumer financial services and banking regulatory matters. Our experience includes compliance, regulatory, litigation, legislative, corporate and contract-related engagements involving TILA, RESPA, FDCPA, FCRA/FACTA, ECOA, HMDA and fair lending, GLBA, HERA, EESA, government lending programs (including VA, FHA and USDA) and state consumer credit laws. We have significant experience in government enforcement actions, serving as counsel to industry respondents in actions brought by state and federal regulators. We regularly counsel clients on matters of federal preemption and challenges of financial services providers posed by the interplay of federal and state laws. We represent a number of national technology vendors and service providers to the financial services industry.
Scope of Experience
The Team regularly advises creditors, loan servicers, collection agencies and secondary market participants on multi-state licensing regulations and substantive consumer credit laws and regulations in the various states. The Team, working with the Firm’s Economic Stability and Solutions Team, currently is advising financial institutions and vendors on challenges and opportunities under the Emergency Economic Stabilization Act of 2008 and related regulatory initiatives. We have worked with banking and vendor clients over the years on regulatory and business aspects of payment systems, electronic funds transfers and deposit products. Recently, attorneys on the Team have served as regulatory and due diligence counsel in a number of complex corporate acquisition and sale transactions.
We frequently work with Firm attorneys on the Privacy Team in privacy, information security and data sharing engagements for several of the Firm’s financial services and business clients. Our practice includes defense of numerous mortgage lending and lending practice class action and individual lawsuits, running the gamut from loan origination, loan sales, servicing and foreclosure. In addition, Team members are called on to advise and represent national trade groups and industry organizations in the banking and consumer financial services sector.