Joseph & Cohen, Professional Corporation, was featured in a recent American Banker article written by Joe Adler, “Why FDIC Lawsuits Against Failed Bank Execs Aren’t Slowing.” In response to questions from Mr. Adler about the increased pace of FDIC lawsuits against officers and directors of failed banks in just the first six weeks of 2014, Jonathan Cohen, the firm’s head of litigation, was quoted:
“January was a banner month in terms of the number of filings. We haven’t seen that many filings in quite some time. Some of those are older closings, which was surprising,” and further “We’re going to continue to see cases brought. Whether or not they circle back and grab some of these older banks is still an unknown.”
Cohen continued,” There are lots of ways the FDIC can manage to take a potentially long time before filing an … action”.
Joseph & Cohen’s core practice includes the representation of troubled banks and defense of officers and directors of failed banks and credit unions in lawsuits brought by the FDIC or NCUA, acting as receiver for failed institutions. Joseph & Cohen also has extensive experience in dealing with D & O insurance coverage issues and disputes arising out of failed bank situations since insurance coverage often plays a major role both as to indemnification and defense costs as well as potential settlements with the receivers.