News and Resources

United States v. S&P: Understanding FIRREA's Reach and Limitations

  • February 21, 2013
  • 2:00 PM ET - 3:00 PM ET

This week, the United States launched a $5 billion civil fraud suit against McGraw Hill and S&P, the latest and largest of a series of fraud lawsuits brought by the government under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), a financial fraud statute that has been on the books for decades but only recently has been aggressively enforced. This webinar focused on the reach and limitations of FIRREA, its recent rediscovery by DOJ, and where DOJ may go from here.  Topics covered included:

  • The Context: DOJ's prioritization of financial fraud enforcement
  • FIRREA, the Basics: Understanding the statute, its reach, and its limitations
  • FIRREA Investigations: The implications for receiving a FIRREA subpoena, including the risk of parallel criminal proceedings 
  • FIRREA Enforcement to Date: Overview of recent FIRREA enforcement actions
  • United States v. S&P: The government's suit and its implications
  • Predictions:  What's next for the government and its use of FIRREA 

Date: Thursday, February 21 

Time:  2pm - 3pm ET 

Presenters:

  • Andrew W. Schilling: The former Chief of the Civil Division of the U.S. Attorney's Office for the Southern District of New York (SDNY), Mr. Schilling established the SDNY's Civil Frauds Unit, which investigates and prosecutes complex financial fraud cases, including FIRREA cases. Mr. Schilling leads the New York office's government enforcement practice.
  • Ross E. Morrison: A former Assistant U.S. Attorney and Deputy Chief of Civil Appeals in the U.S. Attorney's Office for the SDNY,  Mr. Morrison represents companies in FIRREA and other civil fraud investigations. 
  • Michelle L. Rogers: Ms. Rogers has represented clients in matters involving DOJ, CFPB, federal and state bank regulators, HUD, and state attorneys general, and in cases involving FIRREA, the False Claims Act, PFCRA, and UDAAP statutes, among others.