In the last six years, our firm has assisted the FDIC in recovering over $566 million in multiple complex cases arising from the 2009 failure of Colonial Bank, headquartered in Montgomery, Alabama. The cases involved both professional liability claims arising from audits of Colonial Bank and securities law claims arising from the sale of residential mortgage-backed securities to Colonial Bank.
Settlements of Professional Liability Claims:
- $60 million settlement with Crowe Horwath LLP (M.D. Ala.) (April 2018)
- $335 million settlement with PricewaterhouseCoopers LLP (M.D. Ala.) (March 2019)
Settlements of Securities Law Claims:
- $19.7 million settlement with First Horizon, HSBC and Credit Suisse (Ala. Cir. Ct.) (January 2017)
- $9.5 million settlement with RBS Securities (Ala. Cir. Ct.) (June 2018)
- $54 million settlement with Credit Suisse (Ala. Cir. Ct.) (April 2019)
- $4.5 million settlement with Wells Fargo Asset Securities Corporation and NatWest Markets Securities (S.D.N.Y.) (April 2019)
- $22.5 million settlement with First Horizon, Deutsche Bank Securities and UBS Securities (S.D.N.Y.) (July 2019)
- $15.4 million settlement with HSBC Securities (USA) (S.D.N.Y.) (March 2021)
- $19.35 million settlement with Credit Suisse (S.D.N.Y.) (June 2022)
- $27 million settlement with NatWest Markets Securities (formerly RBS Securities) (S.D.N.Y.) (June 2023)
