Our Practice
Snell & Wilmer’s Financial Services Litigation Group is experienced in representing all aspects of the financial services industry in a broad range of litigation matters throughout the West. Our comprehensive service to the financial services industry includes the representation of national and local banks, investment and commercial banking organizations, venture capital firms, investment advisors, merchant processing and service organizations, insurance companies, credit card issuers, mortgage lenders and servicers, automobile and motorcycle finance and servicing organizations and securities broker-dealers in matters involving a variety of business and product lines. Snell & Wilmer’s Financial Services Litigation team adds value through efficiency by possessing a thorough working knowledge of all applicable federal and state statutes, common forms of account documentation and related case law – including the Truth in Lending Act, Fair Credit Reporting Act, Real Estate Settlement Procedures Act, Homeownership Equity Protection Act, Equal Credit Opportunity Act, Uniform Commercial Code, consumer fraud statutes and related state law counterparts. The Financial Services Litigation team also have experience interfacing with state and federal regulatory organizations, as well as the representation of bank officers and directors in D&O litigation and internal investigation experience.
Our Attorneys
Our Financial Services Litigation team is a diverse group of attorneys with comprehensive experience in representing the financial services industry. Our attorneys possess a thorough working knowledge of all applicable statutes and couple this knowledge with diligent efforts to establish good working relationships with the client’s internal litigation support personnel in order to effectively provide the early assessment necessary to ensuring cost-effective management of individual consumer cases. Snell & Wilmer’s Financial Services Litigation team has represented financial institutions in mediation, arbitration, trials and appellate matters in cases ranging in size from individual consumer cases to nationwide class actions.
Our Experience
- Efficiently represented multiple mortgage lenders and servicers in hundreds of matters commenced by homeowners seeking to prevent residential loan foreclosures throughout the West.
- Lender liability claims including loan commitments, bad-faith dealing, termination of credit and wrongful acceleration of foreclosure.
- Letter of credit disputes.
- Demand deposit account disputes involving, check fraud, check kiting, presentment and clearing issues.
- Residential mortgage litigation involving interest rate disclosures, fees, payoff amounts, account reconciliation, insurance coverage, foreclosure and loan modification issues.
- Merchant processor litigation involving hold-backs, unauthorized business lines, termination, fees, commissions for merchant processor sales representatives, and contract disputes involving merchant account agreements.
- Credit card litigation involving allegations of fraudulent transactions, authorized users, reversed charges, application of payments, interest rate disclosures and modifications, change in terms, fees and disclosures for related products and services, Fair Credit Reporting Act and Truth in Lending Act issues.
- Representation of a national banking organization in litigation arising out of alleged participation of senior bank officer in ponzi scheme.
- Representation of multiple national banking associations and credit card issuers in matters throughout the West in connection with issues arising from fraudulent debt avoidance schemes utilizing sham arbitration awards issued by unauthorized arbitration forum.
- Defense of a regional bank in $15 million litigation arising out of its sale on the secondary market to investment bank of 60 "Alt A" mortgage loans originated in 14 states for securitization and sale to investors. One of the first litigation matters in the country arising out of the "subprime mortgage crisis." Issues included the adequacy of the original origination and appraisal efforts, potential breach of sales representations and warranties, sufficiency of servicing efforts, analysis of the true cause of mortgage defaults and the adequacy of REO liquidation efforts.
- Representation of former officers and directors of failed bank in connection with FDIC subpoena and investigation.
- Representation of financial institutions in connection with commercial loan disputes including obtaining appointment of Receiver, enforcing loan documents, enforcing personal guaranties and navigating issues presented by loss sharing agreements with the FDIC.
Financial Services Class Action Litigation
Snell & Wilmer’s financial services litigation team has significant experience defending national financial services institutions and Fortune 500 companies in state and national class action litigation alleging various consumer claims and regulatory violations, including experience with MDL proceedings in class actions.
- Successfully defended national banking association in Truth in Lending Act class action arising out of interest rates assessed in connection with co-branded affinity credit card agreements. Achieved dismissal of the case on a motion to dismiss. Successfully defended the appeal of the award of attorneys’ fees obtained against the class representative pursuant to A.R.S. § 12-341.01 before the Ninth Circuit Court of Appeals – this decision is notable as there are no reported decisions awarding fees against a named class action plaintiff pursuant to this statute. (Cherry v. Bank of America, N.A. 2004 WL 376826 (9th Cir. 2005 Memorandum Decision).
- Represented national banking association in a nationwide class action relating to late fees assessed in connection with revolving credit card accounts. Facilitated early resolution of the matter, negotiated, documented and administered settlement with nationwide class.
- Successfully defended national financial institution in a purported nationwide class action arising out of fees assessed in connection with consumer payoff of residential mortgage loans. The matter was dismissed in the motions stage.
Broker-Dealer Representation
The FINRA arbitration and securities litigation practice of our financial services litigation team includes representing a number of financial institutions, including retail and investment banks, commercial lenders, underwriters, broker-dealers, investment advisors and privately-held companies in federal and state courts, and SRO arbitration proceedings. Snell & Wilmer’s Financial Services Litigation team has represented such clients in matters involving claims for violations of federal and state registration and securities fraud statutes, unsuitability, selling-away, churning, unauthorized trading and failure to supervise. Snell & Wilmer has also represented brokers and broker-dealers in regulatory investigations and related proceedings.
