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The firm represented Ally Financial, Inc, Residential Capital, LLC and GMAC Mortgage in the largest national joint state/federal government settlement in history. The case began with “robo-signing” investigation and then broadened into examination of the mortgage industry. The case involved 49 state attorney generals, 48 state banking departments, the Department of Justice, the Department of Treasury, the Department of Housing and Urban Development, the Consumer Financial Protect Bureau, and the Federal Trade Commission. The closely-watched and widely publicized case is precedent-setting in that it established national mortgage loan servicing standards. We represented our clients in successfully negotiating and advocating that, based on the clients’ past leadership in the loan modification/loss mitigation area, even during the worst economic conditions in decades, they should receive a reduced settlement amount. In addition, we negotiated a different consumer relief structure as part of the settlement that recognized the clients’ past accomplishments in loan modification/loss mitigation. Court entered the Consent Order on April 5, 2012 in the District Court for the District of Columbia. The total settlement amount was $25 Billion. Our client paid $309 Million.
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Represented former President of the Construction Products Division of W. R. Grace who, with seven other defendants, was indicted with conspiracy to defraud the United States and violate the Clean Air Act. After we filed our Motion for Judgment of Acquittal, the prosecution concluded that there was insufficient evidence against the client for the case to go to the jury. On the government’s motion, a dismissal of the indictment with prejudice was granted.
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