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Financial Institution Litigation

Vedder Price litigation attorneys are responsible for handling client matters in trial and appellate courts, before administrative agencies and in arbitration and comparable alternative dispute resolution contexts and client counseling. While the general philosophy is toward minimal staffing at levels necessary to achieve effective and efficient results, the litigation practice has the resources to staff the most complex litigation matters and has substantial experience in trying lengthy multiparty cases involving computerized depositions, document and database management and related sophisticated discovery and trial techniques.

Vedder Price represents corporations, financial institutions and commercial finance companies in prosecuting and defending legal actions involving indemnification disputes, commercial contract disputes (including all facets of construction-related projects), defaults on commercial loans, lender liability actions and other finance-related claims. Recent major case experience includes the successful representation of GMAC in a dispute with The Bank of New York relating to claims made by GMAC for the acquisition of BNY Financial Group in 1999. On September 29, 2003, The Bank of New York agreed to pay $110 million to settle all claims by GMAC.

Financial Institution Class Actions

Vedder Price handles a number of consumer class actions throughout the country on behalf of financial institutions. These actions are primarily based on claimed statutory violations (TILA, RESPA, UDAP and/or RICO), breach of contract and/or violation of state consumer fraud statutes. The following is a list of representative consumer class action cases.

Troy Brown v. Bank One

Cobb v. Sir Finance Corp. and Bank One (Electronic Fund Transfer Act; TILA; contract; consumer fraud (Illinois federal court))

Demitropoulos v. Bank One (Auto Lease; TILA; UCC; contract; consumer fraud; Wisconsin and Illinois statutes (Illinois federal court))

Gutter v. Bank One (Collateral Protection Insurance; contract; consumer fraud (Louisiana state court))

Lawson v. Bank One (Auto Lease; TILA; consumer fraud; contract (Kentucky state court))

Mireau v. Bank One (Collateral Protection Insurance; contract; consumer fraud (Arizona state court))

Robinson v. Bank One (Suit to block merger with First Chicago) (Illinois federal court)

Rooze v. Bank One (Collateral Protection Insurance; contract; consumer fraud (Indiana state court))

Salgado & Bascom v. Bank One (Collateral Protection Insurance; TILA; contract; consumer fraud (Illinois state court))

Saragosa v. Bank One (Collateral Protection Insurance; RICO; TILA; contract; consumer fraud (Illinois state court))

Carla Shelton v. Bank One (Collateral Protection Insurance; RICO; TILA; contract; consumer fraud (Indiana state and federal courts))

David Verity and Lisa Ebert v. Bank One (Collateral Protection Insurance; contract; consumer fraud (Arizona state court))

Taylor v. California Federal Bank (Overescrowing of mortgages (Federal MDL))

Hashop v. Magna Mortgage (Overescrowing of mortgages (Federal MDL))

Lee v. MidAmerica Federal Savings Bank (Yield spread premium (Illinois federal court))

Standard Federal Bank v. ABN AMRO North America (derivative action to block acquisition of Stan Fed (Minnesota federal court))

Glover v. Standard Federal and ABN AMRO Mortgage Group, Inc (Yield spread premium (Minnesota federal court))

Rogers v. Transamerica (Fair Debt Collection Practices Act) (Alabama state court)

Gallwas v. Washington Mutual (Overescrowing of mortgages (Federal MDL))

Commercial Litigation for Financial Institutions

Vedder Price trial attorneys also represent financial institutions in legal actions involving defaults on commercial loans, commercial contract actions, and related banking issues. Examples of such representations follow:

Cadillac Insurance v. American National Bank of Schiller Park, et al.

Bank One, Milwaukee, N.A., v. Laurel Motors, Inc., et al. (Breach of lease agreement; UCC entrustment issues (Illinois state court))

Bank One, Milwaukee, N.A. v. Loeber Motors, Inc., et al. (Breach of lease agreement; UCC entrustment issues (Illinois state court))

Bridgeview Bankv v. Flanders (Sale of bank stock following event of default (Illinois state court))

Bridgeview Bank v. Reynold Banks (Action against guarantors following events of default (Illinois state court))

Marie Joseph v. Citibank Corp. (Intentional infliction of emotional distress and malicious prosecution claims (Illinois state court))

Cynthia Hendrix and Tyrone Hendrix v. Citibank and Citicorp, Inc. (Premises liability (Illinois municipal court))

Fairfield Savings Bank v. Covenant Mortgage Corporation, et al. (Breach of contract (Illinois state court))

Federal Reserve Employee Benefits System v. Rosa Flores, et al. (Interbank action (Illinois state court))

Federal Reserve Bank v. Gail Force Corp. (Breach of contract (Illinois federal court))

First National Bank and Trust Company of Carbondale v. Illinois Department of Insurance (Injunction to prohibit regulation of bank's sale of annuities (Illinois federal court))

First National Bank of Oblong v. Underwriters Guarantors Association, et al. (Breach of credit agreement and loan default (Indiana state court))

Blitz Media, Inc. v. First State Bank of El Dorado (Merchant processing agreement dispute (Illinois federal court))

On-Line Financial Services, Inc. v. George Washington Savings Bank (Breach of contract regarding data processing services (Illinois state court))

Stearns Bank, N.A. v. George Washington Savings Bank, et al. (Replevin matter (Illinois state court))

Great Southern Savings Bank v. Kara Luna (Loan default (Illinois state court))

Task Performance Group v. Harris Trust & Savings Bank, et al. (Breach of contract and tortious interference with contract (Illinois state court))

Heartland Bank v. Heartland Home Finance, Inc. (Trademark infringement (Missouri federal court))

Netbank, Inc., et al. v. Wintrust Financial Corporation (Trademark infringement (Georgia federal court))

Northwest Bank & Trust Company v. First Illinois National Bank and Christopher L. Bryant (Participation agreement dispute (Iowa federal court))

E.T. Barwick Industries, Inc. v. Heller Financial, Inc., U.S. District Court for the Northern District of Georgia (Rome Division). Sherman Act

Blount Financial Services v. Heller Financial, Inc., U.S. District Court for the District of Tennessee. Lender Liability

Heller Financial, Inc. v. Grammco Family of Companies et al., U.S. District Court for the Western District of Texas. Leasing Dispute.

Vedder Price also regularly represents financial institutions in NASD arbitrations brought by customers and former employees, SEC investigations and federal court actions alleging securities fraud, as well as regulatory investigations and enforcement actions brought by state regulators and self-regulatory organizations.

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