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JPMorgan Chase's record $13 billion settlement has significant implications for the financial industry, but they may not be what casual observers expect. Following is a guide to the key takeaways from the deal.
October 20 -
The New York bank took the move one month after signing a consent order with the Office of the Comptroller of the Currency to settle allegations that it took shortcuts in collecting consumer debts. But with accusations of "robo-signing" still fresh, and a related suit by California's attorney general pending, the bank could face a new wave of legal troubles.
October 17 -
Regulators slapped Toronto-Dominion Bank's main U.S. unit with more than $52 million in fines for violating the Bank Secrecy Act and securities laws in relation to a Ponzi scheme in Florida.
September 23
The law firm Troutman Sanders has added two partners to its group that defends financial services companies from consumer lawsuits and government actions.
Chad Fuller and Victoria Holstein-Childress have joined the Atlanta firm's financial services litigation practice, according to a news release. Fuller works in the firm's San Diego offices, and Holstein-Childress in its Washington office.
Fuller focuses on defending firms from consumer class actions, and has represented Bank of America (BAC), HSBC, Santander and other companies. He joins Troutman from Goodwin Procter, where he was a partner.
Holstein-Childress defends financial services companies in civil litigation and government enforcement matters. She has represented clients on cases involving lending, loan servicing and securitization, and has significant experience on litigation involving failed or troubled banks. She had been a partner at Reed Smith.
Fuller and Holstein-Childress "are top-shelf trial lawyers who bring years of experience litigating high-stakes matters involving mortgage lending and servicing, credit cards, privacy and data-breach issues for financial services companies" David Anthony, a partner in the firm's financial service litigation group, said in the release.
