Government
Sep. 17, 2013
Prosecutors using old law to pursue new civil cases against financial institutions
A powerful prosecutorial weapon is being unleashed on financial institutions and rating agencies from New York to California.
Daily Journal Staff Writer
A powerful prosecutorial weapon is being unleashed on financial institutions and rating agencies from New York to California, forcing high dollar settlements and fresh interpretations of untested case law. The Financial Institutions Reform, Recovery and Enforcement Act, or FIRREA, was enacted in 1989 in the wake of the savings and loan crisis to protect federally insured financial institutions. After decade...
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