Case Updates
Second Circuit reverses $1.2 billion penalty in FIRREA case
May 23, 2016
The Second Circuit unanimously agreed with the defendant that the evidence was insufficient to establish fraud and concluded “that the trial evidence fails to demonstrate the contemporaneous fraudulent intent necessary to prove a scheme to defraud through contractual promises.” Accordingly, the district court’s $1.2 billion judgment was reversed.
U.S. Chamber files amicus brief
April 29, 2015
In its coalition brief, the U.S. Chamber argued the Second Circuit should reverse a $1.2 billion judgment imposed by the U.S. District Court for the Southern District of New York against Bank of America in a case brought by the Government under the Financial Institutions Repair, Reform, and Enforcement Act of 1989 (“FIRREA”).
The brief argues that the Court should reject the district court’s acceptance of the Government’s broad and novel interpretation of FIRREA and should reverse the district court’s failure to apply ordinary principles of proximate causation in assessing civil penalties under FIRREA.
The U.S. Chamber filed this brief jointly with the Clearing House Association, L.L.C., American Bankers Association, and Financial Services Roundtable.
Seth P. Waxman, Daniel Aguilar, and Sina Kian of Wilmer Cutler Pickering Hale and Dorr LLP served as co-counsel for the amici with the U.S. Chamber Litigation Center.
Case Documents
- U.S. Chamber, et al. Amicus Brief -- United States v. Bank of America (Second Circuit).pdf
- Brief for Plaintiff-Appellee -- United States v. Bank of America (Second Circuit).pdf
- Appendix for Plaintiff-Appellee, Volume 1 -- United States v. Bank of America (Second Circuit).pdf
- Appendix for Plaintiff-Appellee, Volume 2 -- United States v. Bank of America (Second Circuit).pdf
- Better Markets, Inc. Amicus Brief -- United States v. Bank of America (Second Circuit).pdf
- Reply Brief of Defendants-Appellants Bank of America, et al. -- United States v. Bank of America (Second Circuit).pdf
- Reply Brief for Defendant-Appellants Mairone -- United States v. Bank of America (Second Circuit).pdf
- Opinion -- United States v. Bank of America (Second Circuit).pdf