Andrew Schilling Quoted in Law360 Article, â€œ$1.38B S&P Settlement Cements FIRREA As DOJ Darlingâ€
February 3, 2015
Andrew Schilling was quoted in Stephanie Russell-Kraft's Law360 article, “$1.38B S&P Settlement Cements FIRREA As DOJ Darling," on February 3, 2015.
"This latest case is just further evidence that they’re continuing to use this statute in a creative and aggressive way,” said Andrew Schilling, partner at BuckleySandler LLP.
Without clear guidance on how much their defendants could be exposed to, attorneys like Andrew Schilling fear that the DOJ can get away with picking numbers out of thin air.
"The problem with FIRREA and deterrence is that FIRREA itself doesn’t prohibit any conduct — it merely provides a mechanism for the Justice Department to pursue what are in effect criminal cases with a civil burden of proof,” he said. “The use of the statute is still relatively young, and while there have been cases decided since its re-emergence in 2010, there have been few of these decisions and there is a lack of clarity as to the permissible reach of the statute.”