Jonathan Cohen Quoted in ACAMS moneylaundering.com Article on Directors and Officers Liability Insurance Issues
Joseph & Cohen, Professional Corporation, was featured in a recent ACAMS moneylaundering.com article by Kira Zalan and Colby Adams titled “With Regulators’ Talk of Individual Fines Comes Bankers’ Queries on Insurance.”
Published on June 17, 2014, the article explores why more and more bank compliance officers are exploring the scope of insurance coverage under Directors and Officers (D&O) liability insurance policies to address the rise of regulatory penalties against individual bankers.
The article notes an important and often overlooked reality that many financial institutions and their officers are unaware of the exclusions in their D&O policies, to which Jonathan Cohen, the firm’s head of litigation, was quoted:
“More often than not an officer or director will be surprised by the lack of coverage that they have.”
Joseph & Cohen’s core corporate and regulatory practice includes the representation of federally insured depository institutions and the defense of Officers and Directors of financial institutions in civil damage actions instituted by the FDIC or shareholders and administrative proceedings brought by the FDIC for civil money penalties or other sanctions. Joseph & Cohen also has extensive experience in advising institutions and their Offices and Directors in connection with insurance coverage and related litigation.
SAN FRANCISCO, CA – April 08, 2014. Joseph & Cohen, Professional Corporation, announced today that the firm has added two skilled litigation attorneys to its expanding boutique litigation practice. Nicole P. Dogwill joined the firm as a Partner, and Robyn C. Callahan as Of Counsel.
Nicole Dogwill is an experienced litigator with core expertise advising and defending mature and emerging companies, as well as their directors and officers, on matters involving fiduciary duty, corporate governance, securities, fraud, antitrust/unfair business practices, and related business claims. Ms. Dogwill also advises and litigates fiduciary duty and related claims arising in trust and estate matters.
Ms. Dogwill was named a “future star” in both the 2012 and 2013 editions of Benchmark Litigation. The National LGBT Bar Association selected Ms. Dogwill as one of the Top 40 under 40 LGBT Attorneys for 2010. She is currently the President of the National LGBT Bar Association’s Board of Directors.
Jonathan Joseph, Joseph & Cohen’s Managing Partner, stated “Nicole Dogwill shares our passion to deliver world class legal services to business and financial institution clients via a boutique law firm model that embraces long term client relationships, diversity, collegiality and quality in everything we do.”
Nicole Dogwill added “I am honored to be joining this esteemed group of lawyers, many of whom I’ve had the privilege of working with before to provide exceptional services to my clients in California and across the United States.”
Prior to joining Joseph & Cohen, Ms. Dogwill was a partner at Shartsis Friese LLP. She was also a partner at Winston & Strawn LLP in San Francisco for seven years.
Also an accomplished litigator, Robyn C. Callahan brings her expertise in business litigation, employment law and commercial disputes, including complex class actions. With over a decade of experience working for both boutique and global Am Law 100 ranked firms, Ms. Callahan has successfully represented clients across a broad range of industries in federal, state and appellate courts. She previously worked at Winston & Strawn’s San Francisco office alongside Jonathan Cohen, Jeffrey Lederman and Nicole Dogwill.
Jonathan Cohen, the Head of Litigation, said “We could not be happier to have Robyn join us. She is a truly skilled lawyer and adds significant depth to our team, with extensive trial experience in both commercial and employment litigation.”
Ms. Callahan noted, “I am thrilled to reunite with Jon, Jeff and Nicole and to be working with such a talented team of attorneys who value the importance of integrity in the practice of law and in fostering long-term client relationships.
Joseph & Cohen, Professional Corporation, is a Financial Services and Litigation Boutique headquartered in San Francisco that emphasizes complex banking, corporate and financial services matters, regulatory and bank enforcement defense, private equity, bankruptcy and insolvency, employment and complex commercial litigation services. Joseph & Cohen is known for sophisticated expertise, extraordinary commitment to clients, relationship-based services, and a range of specialized skills typically found only in the largest American law firms.
Press Contact: Jonathan Joseph at Joseph & Cohen, 415-817-9200, ext. 104 or firstname.lastname@example.org.
SAN FRANCISCO, CA – May 1, 2013. Joseph & Cohen, a Professional Corporation headquartered in San Francisco, announced today that Kenneth Sayre-Peterson has been elected a partner following his successful stint as Of Counsel with the firm that began in February 2012.
Managing Partner, Jonathan Joseph stated, “Joseph & Cohen’s clients have benefited from Ken Sayre-Peterson’s enormous expertise in bank regulation, credit union matters, financial services, corporate transactions, money transmitter compliance and bank enforcement work. He has helped to secure the firm’s position as one of the leading bank and depository institution regulatory practices in California. Elevating Ken to partner was an incredibly easy decision.”
Sayre-Peterson adds, “It is a delight to work with this team of distinguished attorneys in a collegial boutique setting. I am honored to be invited in as a partner, and look forward to continuing to deliver superlative regulatory and transactional legal services to our valued clients.”
Prior to joining Joseph & Cohen, Ken Sayre-Peterson held increasingly senior positions as an attorney with the California Department of Financial Institutions. During his distinguished twenty-two year career, he practiced general financial institutions law and garnered an intimate knowledge of the banking, credit union, money transmitters, securities, and trust laws of California, as well as the pertinent and corresponding federal laws.
Joseph & Cohen, Professional Corporation, is a Financial Services and Litigation Boutique headquartered in San Francisco that emphasizes complex banking, corporate and transactional matters, regulatory and bank enforcement defense, securities, M & A, bankruptcy and insolvency, employment and commercial and executive employment litigation services. Joseph & Cohen is known for sophisticated expertise, extraordinary commitment to clients, relationship-based services, and a range of specialized skills typically found only in the largest American law firms.
Press Contact: Jonathan Joseph at Joseph & Cohen, 415-817-9200, ext. 9 or email@example.com.
SAN FRANCISCO, CA – November 13, 2012. Joseph & Cohen, Professional Corporation, located in San Francisco, California, announced today that it successfully structured a settlement for its clients, five former officers of County Bank, Merced, California, in connection with a lawsuit brought by the Federal Deposit Insurance Corporation, in its capacity as receiver for County Bank. County Bank, which collapsed in February 2009, had been the wholly-owned banking subsidiary of Capital Corp of the West (Nasdaq: CCOW).
The case, which was filed by the FDIC in the Federal Court in Fresno, California in January 2012, was titled FDIC, as receiver for County Bank v. Hawker, et al., (Case No. 1:12-CV-000127-LJO) (“FDIC v. Hawker”). The settlement completely settles and satisfies all claims brought by the FDIC against the five former officers of the Bank: Thomas Hawker, Edward Rocha, John Incandela, David Kraechan and Jay Lee (the “officers”).
A companion case that the officers filed against BancInsure, Inc. and the FDIC in July 2012, in the same Fresno based Court, remains outstanding. In that case, Hawker et al v. BancInsure (Case No. 1:12-cv-01261-LJO-GSA), Tom Hawker and the other officers asserted claims against BancInsure for declaratory relief, breach of contract, bad faith, punitive damages and reformation. The officers were forced to sue BancInsure, the professional liability insurer for County Bank, after it abandoned them and refused to defend the claims in the FDIC Action.
Jonathan Joseph, counsel for the officers stated “We believed that we had strong legal and factual defenses to the FDIC’s claims. In our view, County Bank collapsed as a result of the greatest recession in our lifetime. So, we vigorously defended Tom Hawker and the other four officers of County Bank against all of the government’s allegations. But, after the D&O Insurer abandoned our clients and refused to defend them or settle the FDIC lawsuit, we are pleased to have successfully structured this deal with the FDIC as the settlement eliminates all claims, further uncertainty and the trouble, risk and expense associated with the litigation.”
An essential element of the settlement involved an assignment to the FDIC by the officers of their lawsuit against BancInsure including claims for bad faith and breach of contract. The officers retained the right to recover their defense expenses incurred prior to the FDIC settlement from BancInsure. The officers maintained the right to continue to control and prosecute this retained claim against BancInsure.
Tom Hawker, former CEO of County Bank and President and CEO of CCOW, said “I am relieved to put this case behind me as it eliminates further uncertainty, cost or risk to me and my family. I am outraged that the Bank’s D&O insurer abandoned me as I would have been financially ruined if I continued to defend myself against the FDIC’s allegations despite having excellent legal and factual defenses to their claims.”
As a result of the settlement, the FDIC will control and prosecute the officers’ assigned claims against BancInsure at its cost and expense. Jon Cohen, litigation partner at Joseph & Cohen, explained “We look forward to litigating alongside the FDIC on behalf of our clients to prove that BancInsure improperly applied the so-called “insured versus insured” exclusion to deny the coverage our clients had expected and relied upon.”
The parties exchanged other valuable covenants including an agreement not to bring any other civil claims against each other and a promise by the FDIC not to take any further action or assert any claims against any of the property or assets of the officers.
Joseph & Cohen, Professional Corporation, is an AV® rated law firm based in San Francisco, California, that emphasizes the representation of community and regional banks and bank holding companies and their officers and directors. The firm also specializes in representing financial service companies, credit unions and private equity firms in connection with corporate, securities, regulatory, litigation, executive employment and merger matters. Joseph & Cohen is known for sophisticated expertise, extraordinary commitment to clients, relationship-based services, and a range of specialized capabilities typically found only in the largest American law firms.