Class Action Defense - Banking

Overview

"They perform miracles for us."

– Fifth Third Bank

Having successfully defended financial institutions in high-stakes class action lawsuits challenging a variety of operating procedures and lending practices under federal and state banking laws, BakerHostetler’s Banking Class Action team has the experience to protect clients’ interests in class action matters involving complex financial products and transactions worth billions of dollars.

With a thorough understanding of the banking and financial services industries and in-depth knowledge of the laws that govern them, we are the go-to law firm for class action matters for several Fortune 500 financial services organizations and regional and national banks.

Select Experience

  • Defeated class certification in a putative nationwide class action brought by an individual borrower alleging violations of the Real Estate Settlement Procedures Act (RESPA). The plaintiff alleged that the client and its subsidiary, an affiliated real estate settlement service provider, engaged in kickbacks and fee splitting.
  • Represented banks and other publicly held companies and their officers in securities class actions and derivative cases, including one series of ERISA "stock drop" cases involving a large financial institution’s stock fund that lost considerable value during a two-year period. Obtained a dismissal based on standing grounds in the district court, a judgment that was affirmed by the Sixth Circuit Court of Appeals. Subsequently, obtained a dismissal of the remaining cases on the merits.
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Experience

  • Defeated class certification in a putative nationwide class action brought by an individual borrower alleging violations of the Real Estate Settlement Procedures Act (RESPA). The plaintiff alleged that the client and its subsidiary, an affiliated real estate settlement service provider, engaged in kickbacks and fee splitting.
  • Represented banks and other publicly held companies and their officers in securities class actions and derivative cases, including one series of ERISA "stock drop" cases involving a large financial institution’s stock fund that lost considerable value during a two-year period. Obtained a dismissal based on standing grounds in the district court, a judgment that was affirmed by the Sixth Circuit Court of Appeals. Subsequently, obtained a dismissal of the remaining cases on the merits.
  • Successfully moved to dismiss a state-wide class action seeking to hold the client, a large regional bank, liable under the Uniform Commercial Code (UCC) and Ohio common law in connection with a Ponzi scheme involving unregistered securities orchestrated by a third party.
  • Successfully moved to dismiss a multistate class-action lawsuit challenging the client’s policy of electronically sequencing debits and credits from the largest to the smallest amount. Plaintiffs’ claims, brought under Ohio common law and the Expedited Funds Availability Act of 1987, were dismissed with prejudice.
  • Successfully moved to dismiss a state-wide class action in which the plaintiffs alleged that the client charged and collected improper fees in connection with the automobile purchase and lease transactions it financed in Ohio and that it paid improper referral fees to Ohio automobile dealers on these transactions. This matter involved claims under federal antitrust law, the federal Truth in Lending Act, the Ohio Retail Sales Installment Act and aiding and abetting the automobile dealer’s alleged breach of fiduciary duty.
  • Achieved victory on behalf of a large regional bank with a Sixth Circuit decision providing greater assurance to Ohio banks that they cannot be held liable for alleged fraudulent activities of account holders years after those activities occur and that there is finality to commercial transactions involving negotiable instruments.

Recognition

  • Law360: Class Action "Practice Group of the Year" (2014)
  • LA Daily Journal: Top Appellate Reversals of 2014
  • Chambers USA 2017: Two Attorneys Listed
    • Paul Karlsgodt
    • Daniel Warren
  • Best Lawyers in America® 2017: Seven Attorneys Listed
    • Rodger Eckelberry
    • Joe Ezzie
    • Mark Johnson
    • Richard Knoth
    • Jerry Linscott
    • George Tzanetopoulos
    • Dan Warren
  • Recognized as one of the top law firms for client service, we were named to the 2018 BTI Client Service 30 for the fourth consecutive year.
  • Corporate Counsel® magazine guide to in-house law departments: "Go-to Law Firm" for litigation

News

Publications

Key Contacts

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In The Blogs

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Class Action Lawsuit Defense
Federal Authorities Continue to Monitor Proposed Class Action Settlements
By Douglas A. Vonderhaar
April 18, 2018
Officials at the U.S. Department of Justice (DOJ) and Federal Trade Commission (FTC) continue to scrutinize class settlements to ensure that neither defendants nor class action counsel are improperly benefiting at the expense of class...
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Class Action Lawsuit Defense
D.C. Circuit vacates FCC's definition of ATDS but upholds consent-revocation rule in ACA International v. Federal Communications Commission
By Sam Camardo
March 29, 2018
In 2015, the FTC issued an order that addressed certain aspects of the Telephone Consumer Protection Act. Congress enacted the TCPA in 1991 to address perceived abuses of telephone equipment that allowed entities to autodial consumers’...
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Class Action Lawsuit Defense
Supremes Hold SLUSA Is Clear – 33 Act Class Claims Stay in State Court
By Cody S. Wigington
March 22, 2018
Yesterday, the United States Supreme Court, in a unanimous decision, handed class action plaintiffs a victory by holding that the Securities Litigation Uniform Standards Act of 1998 (SLUSA) allows them to pursue alleged violations of the...
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Class Action Lawsuit Defense
Ninth Circuit Vacates Final Approval of National Settlement Class Action Certification
March 5, 2018
Last month, the Ninth Circuit vacated the certification of a nationwide class for settlement in the In re Hyundai & Kia Fuel Economy Litigation, No. 15-56014, 881 F.3d 679 (9th Cir. Jan. 23, 2018). The Ninth Circuit concluded that the...
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Class Action Lawsuit Defense
The Fourth Circuit Refuses to Enforce Arbitration Clause and Class Action Waiver in Employment Contracts
February 21, 2018
As we have previously written, several Supreme Court decisions have upheld, in various contexts, arbitration agreements that waive the right to assert claims on a class basis. See, e.g., AT&T Mobility LLC v. Concepcion, 563 U.S. 333...
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