First Empire Bank v. Federal Deposit Insurance Corp. (9th Cir.) 572 F. 2d 1361. Represented a major French Bank whose loans to United States National Bank (San Diego) had been documented as letters of credit, which were not honored during a purchase and assumption agreement arranged by the FDIC upon United States National Bank's insolvency. The Ninth Circuit reversed the trial court and ordered judgment for the client holding that the Federal Deposit Insurance Act did not allow the FDIC to discriminate between creditors of a failed national bank. As a result of the decision, the client recovered over $13 million dollars and a number of other banks ultimately recovered in excess of $30 million dollars based on this precedent.
Pubali Bank v. City National Bank (9th Cir.) 676 F. 2d 1326.
Represented a Bangladesh bank which had issued a letter of credit to secure payment of shipping freight. A fraudulent draw was made on the letter of credit and the draw was "countersigned" by the defendant advising bank. The client had made payment and then discovered the fraud. This case established the liability of the advising bank and the client was repaid its loss.
Represented a major California bank in defeating an effort to defraud it in a suit over a fraudulent wire transfer of $10 million dollars by obtaining a summary judgment in favor of the bank which was affirmed on appeal.
Represented a major California bank which had been the bank for what turned out to be a fraudulent, Ponzi type scheme run by a customer of the bank which caused many millions of dollars of loss to small pension and profit sharing plans. An advantageous, creative settlement was negotiated with the class plaintiffs' group that involved a cooperative effort with respect to further litigation with an insurance company that had issued a bond to the customer. The end result was that the client was substantially made whole by a later hard fought global settlement with the insurance company.
Successfully defended a major California Bank in suit brought by another financial institution that was defrauded by someone posing as an officer of the client bank and purportedly selling certificates of deposit in the client bank at an advantageous rate by obtaining summary judgment based on wire transfer statutes and upholding victory on appeal.
Successfully represented various California banks in defending against lender liability claims and in obtaining payment of obligations in complex situations.
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