1-Hour Program

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Overview

Enacted in the aftermath of the savings and loan crisis of the 1980s, the Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("FIRREA") was overlooked for much of its life - but has become a favorite tool of prosecutors in recent years.  Although FIRREA does not create any new basis for liability, FIRREA makes it much easier for the government to seek civil liability for a host of familiar predicate acts (such as mail and wire fraud), so long as such acts "affected" a financial institution.  In the wake of the recent financial crisis, the government has used FIRREA to supplement its criminal enforcement efforts and has not hesitated to read FIRREA expansively.  Attorneys advising financial institutions should be well aware of:  

  • The scope of FIRREA and FIRREA's predicate acts
  • How FIRREA helps the government investigate and pursue potential substantial liability for financial institutions' fraud
  • Unsettled issues with FIRREA's application, including the government's theory of "self-affecting" conduct
  • The calculation of damages under FIRREA

Harold K. Gordon and Rajeev Muttreja, both of Jones Day, will provide attendees with an overview of these and other important issues related to the application of FIRREA.

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