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Subprime Mortgages and D&O Coverage: Will Insurers Pay and for What?
Part One of a Two-Part Article
The specter of a subprime mortgage crisis has gone from a background murmur in the recently quieted real estate boom to attain official 'meltdown' status in the media, and the reverberations are being felt in all corners of the corporate and financial world. Recently, the city of Cleveland, OH, brought an action against 21 banks and other financial institutions, alleging that predatory lending practices related to subprime mortgages have led to more than 14,000 foreclosures in the city in the last two years, resulting in pandemic urban blight. See Christopher Maag, Cleveland Sues 21 Lenders over Subprime Mortgages, N.Y. Times, Jan. 12, 2008, available at www.nytimes.com/2008/01/12/us/12cleveland.html?_r=1&emc=eta1&oref=slogin. The Cleveland action was actually brought under public nuisance laws, and it names as defendants the financial institutions that securitized and sold the loans in the financial markets. Id.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.