The past decade or so has been a challenging time for publicly held companies, particularly those in the financial sector. Since 2008, banks and financial services firms have been the subject of an aggressive effort by the U.S. government to crack down on those seen as associated with the market crash of 2008 and the subprime mortgage crisis.
Public reports suggest that, as of this time last year, America's largest banks had paid fines totaling upward of $110 billion in connection with the mortgage crisis.1 That staggering total includes settlements between nine of the largest global banks and the Justice Department's Residential Mortgage-Backed Securities Working Group totaling more than $43 billion in cash penalties and consumer relief.2
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Originally published inWestlaw Journal Corporate Officers & Directors Liability
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