cases
Financial Services
Settled a contract and fraud action brought against directors and investors of a private corporation. Plaintiff had alleged that defendants failed to pay him certain proceeds from a merger transaction.
- Numerous trials for nationally chartered banks seeking affirmative recoveries for commercial fraud and breaches of warranties under the UCC.
In what may be the largest auto dealer finance case ever tried to jury verdict, Severson & Werson defended Nissan Motor Accpetance Corp. against $250 million in "lender liability" damage claims by a failed auto dealer group and prevailed with a $40 million judgment against the dealer after 5 weeks of trial. Nissan reports that this is the largest judgment it has ever obtained. Mr. Kenney was lead trial counsel, working with Severson attorneys Duane Geck (Chair of the Firm's Financial Services Practice Group) Eric Troutman and Drew Elliott.
Represented an intermodal freight broker in a California Labor Commission independent contractor/employee misclassification action.
Successfully opposed a California Department of Corporations' application for an asset freeze order against an international energy company.
Represented securities registered representative and securities broker-dealer in FINRA inquiry of alleged self-dealing resulting in no disciplinary action.
Represented attorneys and law firms in numerous professional malpractice actions.
Represented estate planners and insurance professionals in negligence, breach of contract and fraud lawsuits touching on estate planning for ultra-high net worth individuals, premium-financed life insurance, life settlements and stranger originated life insurance (STOLI).
Represented Securities licensed registered representatives and securities broker-dealers in over two dozen FINRA arbitrations.
Represented financial institutions in numerous actions by borrowers arising from purportedly "wrongful" foreclosure sales.
Represented an investment adviser at trial in a California Department of Corporations enforcement action.
Settled a multidistrict class action litigation brought against a national bank in federal court. Plaintiffs had challenged the assessment and collection of overdraft fees.
Representation of nation's largest mortgage banker in massive multi-district litigation involving fraudulent origination of second mortgage pools serviced by the client.
Represented GSE lender in providing and documenting multi-billion dollar lines of credit to moneycenter banks secured by mortgage loans and bonds secured by mortgage loans.
Successfully defended lenders, servicers, and investors in cases involving borrower claims of negligence, fraud, breach of fiduciary duty and/or other commercial torts.
- Represented life insurance company in national and state-wide class actions involving the Truth in Lending Act, Unruh Act, RICO, premium financing, advertising/ marketing, and rate making.
- Represented software developer in trademark and patent infringement action.
- Represented Fortune 100 company in breach of contract claim.
- Represented telecommunications aggregator in national and state-wide class actions involving fraud and RICO claims.
- Represented major California bank in class actions involving Fair Labor Standards Act and misclassification claims.
Settled a nationwide class action brought against a national bank in federal court. Plaintiffs had alleged that home equity lines of credit were improperly reduced or restricted.
Successfully defended a national bank in a private arbitration based on claims that the bank had improperly restricted claimant’s line of credit. Claimant sought more than $2 million in damages. After a hearing on the claims, the arbitrator issued an award in favor of the bank and against claimant.
Successfully defended directors and officers of a publicly traded technology company in a shareholder derivative action based on alleged stock option backdating. The court granted defendants’ motion to dismiss with prejudice.
Successfully defended directors and officers of a private corporation in a shareholder litigation based on allegations that common shareholders were “frozen out” by directors, management, and venture investors. The court granted defendants’ motion to dismiss with prejudice.
Currently representing a national bank in a multidistrict class action litigation based on claims challenging the assessment and collection of overdraft fees.
- Currently representing a national bank in a nationwide class action based on allegations that home equity lines of credit were improperly reduced or restricted.
- Defeated motion for class certification in a nationwide class action brought against a national bank in federal court. Plaintiffs had alleged that the bank wrongfully charged monthly service fees on demand deposit accounts. Plaintiffs stipulated to dismissal with prejudice after their motion for class certification was denied.
Represented and obtained summary judgment for a major financial institution in a matter of first impression regarding interpretation of its deposit agreement provisions.
Represented financial institutions in litigation regarding their processing of checks or other instruments from dishonest bookkeepers.
Represented lender in litigation to recover amounts under defaulted loans, and defend claims of misrepresentation and slander.
Represented a major automobile manufacturer in employment litigation.
Represented lenders and servicers in wrongful foreclosure actions.
Representation of mortgage banking companies in a series of interrelated class actions involving pay off and reconveyance practices, including reconveyance fees, payoff statement fees and statutory lien releases penalties.
Successfully defended over two hundred cases challenging various loan origination and servicing practices, both in federal and state court.
Litigation of wrongful termination claims by terminated employees and officers of major financial institutions.
Defense of a national bank in a nationwide class action alleging that “captive” reinsurance of private mortgage insurance violates RESPA.
In what may be the largest auto dealer finance case ever tried to jury verdict, Severson & Werson defended Nissan Motor Acceptance Corp. against $250 million in “lender liability” damage claims by a failed auto dealer group and prevailed with a $40 million judgment against the dealer after 5 weeks of trial. Nissan reports that this is the largest judgment it has ever obtained. The trial team included Duane Geck, Mark Kenney, Eric Troutman and Drew Elliott.
- A trial team from Severson & Werson’s Financial Services Group, led by Mark Kenney and Mark Wraight, successfully represented a national bank in a week long trial in Alameda Superior Court. Severson & Werson persuaded the Court that the bank was entitled to recover damages in excess of $500,000 based on a breach of warranty under the Uniform Commercial Code.
Represented a dozen major lenders in multiple nationwide class actions. Obtained dismissal of all nationwide allegations at inception by motion.
Represented national mortgage lender in nationwide class action involving the collection of various loans fees. Obtained dismissal of Consumer Legal Remedies Act and other claims at inception by demurer.
Represented major loan servicer in unfair business practices class action involving late reconveyance fees. Successful defense by summary judgment.
Represented national mortgage lender in unfair business practice class action contesting lender’s right to charge more than actual cost for loan fees and services. Successful defense by summary judgment.
Represented national wholesale lender in loan fee disclosure class action. Successful defense of multiple class certification attempts leading to favorable settlement terms.
Participation in asset purchase and sale transaction representing seller.
Participation in securitized loan defeasance and loan assumption transactions representing sellers of commercial office buildings.
Participation in project establishing parameters and loan documents for lender offering fractionalized loans to owners of tenancy in common interests.
Current representation of major residential lender in facilitating settlements of real property partition, condemnation and civil forfeiture actions.
Participation in planned development projects, including formation of homeowner associations and DRE approval.
Representation of landlords of small office and retail developments in San Francisco and the Peninsula, including lease negotiation and review and advice regarding tenant relations.
Participation in several conduit loan transactions representing borrower acquiring major commercial office buildings and shopping centers, including formation of California and Delaware special purpose entities.
Advice/counseling to automotive lenders regarding complex title issues.
Advice/counseling to automotive lenders regarding environmentally impaired real property collateral.
Representation of financial institution in connection with documenting, negotiating and closing commercial real estate loan secured by property subject to IRC § 1031 tax-deferred exchange.
Current representation of two major automotive lenders in documenting, negotiating and closing numerous construction loan transactions to Northern and Southern California automotive dealers.
Current representation of several major automotive lenders in facilitating commercial real estate secured loan transactions to Northern and Southern California automotive dealers.
Federal court defense of lender on borrower claims alleging violation of RICO, TILA, RESPA, fraud, negligence and emotional distress.
Obtained summary judgment in state court for lender on borrower claims of breach of oral contract not to foreclose, fraud and negligence.
Represented warehouse lender in pursuing title claims resulting from multi-million dollar real property flipping scheme on part of mortgage broker.
Successfully tried equitable issues of alter ego against corporate mortgage broker which resulted in very favorable settlement on behalf of lender.
Representing major financial institution in multi-district litigation regarding checking account overdraft fees.
Defense of mortgage lenders in class actions alleging both the marking up and overcharging of third party and first party loan origination fees in violation of RESPA, and California Business & Professions Code Section 17200.
Fair Credit Reporting Act “Firm Offer of Credit” Litigation. Defense of consumer lenders in national and state class actions brought in Federal Courts in California and Illinois.
Defended small business-client in discrimination suit arising under the Americans with Disabilities Act.
Defended auto manufacturer and lender in dispute arising under the Song-Beverly Act.
Obtained various dismissals via demurrers and motions to dismiss on behalf of lenders and servicers in lawsuits arising under the Truth in Lending Act, Real Estate Settlement Practices Act, Consumer Legal Remedies Act, and California’s Unfair Competition Statute (Business and Professions Code section 17200 et seq.).
Represented client in successful mediation of class action litigation involving wage and hour claims.
Secured dismissal in defense of consumer finance company in matter brought pursuant to the Federal Fair Debt Collection Practices Act and California’s Rosenthal Act.
Negotiated successful settlement in defense of client-bank in action stemming from fraudulent check-cashing scheme perpetrated by plaintiff-corporations’ trusted bookkeeper.
Obtained court order dismissing client-financial institution from lawsuit and interpleading funds in excess of $1,500,000.
Successfully mediated action involving claims of negligence and negligent misrepresentation against appraiser of residential property.
Prevailed on motion for summary adjudication in defense of client-bank, resulting in dismissal of claim brought pursuant to the Unlawful Fraudulent Transfer Act and involving allegations seeking to void real estate transaction involving property valued in excess of $1,500,000.
Handled all aspects of trial level litigation in elder abuse and predatory lending action against client-bank (Das v. Bank of America, N.A. (2010) 186 Cal.App.4th 727) resulting in successful demurrers leading to dismissal and assisted with drafting of appellate brief in successful opposition to corresponding appeal.
Represented shareholders in acquisition of company through Chapter 11 bankruptcy plan.
Represented borrower in luxury goods retail business workout loan defaults with lender and negotiate credit facility with new lender.
Represented lender in developing letter of credit programs.
Represented lender in litigation and settlement of failed real estate construction development project financed by Mello-Roos bonds, including claims of bondholders, municipality, contractors and developer.
Represented lenders in real estate secured lending facilities secured by commercial properties.
Represented mortgage warehouse lender in all aspects of enforcing rights after default by mortgage bankers and liquidation of mortgage loan portfolios.
Represented mortgage warehouse lender in all aspects of preparing and documenting credit facilities secured by real estate secured loans.
Represented lender in negotiating participations in syndicated lending facilities.
Represented automobile manufactorer in disputes with dealers under Sales and Service Agreements including termination of dealer agreements.
Represented automobile manufacturer in obtaining and documenting private label financing facilities from independent bank.
Represented automobile manufacturer in drafting contracts for relations with parts distributors and compliance with related UCC rights of sellers of goods.
Represented GSE lender to banks subject to FDIC receivership.
Represented lenders in sale of commercial loans secured by real estate.
Represented auto finance lenders in all aspects of loan agreement drafting and counseling on compliance with UCC rights as secured party.
Represented auto finance lenders in all aspects of defaulting dealer loans including workouts, collateral repossessions, collateral dispositions under UCC, claim and delivery litigation, bankruptcy and defending lender liability claims.
Prosecution, for a major mortgage banking firm, of a large fraudulent origination scheme involving officers of the company; related Director's and Officer's insurance claims and wrongful termination litigation.
Representation of lenders, title insurance firms and servicers in cases involving borrower claims of negligence, fraud, breach of fiduciary duty and/or other commercial torts.
Litigation of disputes involving D & O Insurance, and fidelity bond claims.
Resolution of disputes over intellectual property rights, including trademark, copyright and trade secret litigation.
Litigation and resolution of extremely large and complex legal malpractice action involving numerous real estate financed transactions over a period of ten years.
Defense of financial sector companies in state and federal RICO, securities fraud and unfair trade practices litigation based upon civil enforcement provisions in those statutes.
Represented national mortgage lenders in defending cases involving purported mortgage loan origination fraud.
Represented national mortgage lenders in defending cases involving purported wrongful foreclosures.
Represented national mortgage lenders in actions against mortgage brokers in fraudulent loan origination actions in various states nationwide.
Represented commercial developers in negotiating approval of construction plans and code compliance issues for a large commercial shopping developments.
- The Financial Services Practice Group obtained a private arbitration award in favor of a national bank. Plaintiffs filed a complaint for negligence and breach of fiduciary duty based on the claim that the bank had failed to provide necessary investment advice. Plaintiffs sought $4.6 million in damages. After transferring the case to arbitration, Mark Lonergan and Mark Wraight successfully convinced the arbitrator to dispose of the breach of fiduciary duty claims. And after a hearing on the remaining negligence claim, the arbitrator issued an award in favor of the bank and against the claimant.
Represented commercial investors in negotiating and drafting real estate lease agreements for commercial properties.
Represented commercial investors in facilitating city and county code compliance in rehabilitation and repair of multi-family residential unit developments.
Represented national mortgage lender in a heavily litigated elder abuse and predatory lending action involving multiple major lenders and loan servicers.
Represented distressed asset investors in establishing and validating large distressed junior loan pool portfolios.
Represented mortgage brokers in establishing employment and operating protocols and guidelines to maintain regulatory compliance.
Obtained favorable trial verdict in a highly contested real property and purported investment management fraud action.
Obtained numerous judgments against mortgage brokers in various states nationwide in loan origination fraud and misconduct actions.
Obtained numerous judgments of dismissal of major lenders and loan servicers in cases involving purported mortgage loan origination fraud.
Obtained numerous judgments of dismissal of major lenders and loan servicers in cases involving purported wrongful foreclosure.
Successfully opposed a Writ of Mandate on venue and forum non conveniens issues in a highly contested fraud action while representing a major mortgage lender against a Texas mortgage broker.
Representing major financial institution in a series of UCC disputes regarding fraudulent banking transactions.
Representing loan servicers in cases currently on appeal to both the Ninth Circuit and California Court of Appeal regarding the valid transfer of mortgage-backed securities.
Obtained dismissal with prejudice at the pleadings stage of $900,000 commercial dispute regarding fraudulent withdrawals from corporate accounts.
Obtained summary judgment for lender in elder abuse action brought by family trustee.
- Severson & Werson’s Financial Services Group won a defense verdict for a national bank in a jury trial in San Benito County. Mark D. Lonergan and Mark I. Wraight, assisted by Michael J. Steiner and Joshua E. Whitehair, obtained a judgment in favor of the bank after the close of Plaintiff’s case. Plaintiff was challenging the bank’s right to foreclose and sought millions of dollars in damages.
Represented financial institutions in government-related litigation including eminent domain cases, forfeiture proceedings, and code enforcement actions.
Represented major financial institution in high exposure coverage dispute with title insurer.
Represented developer in development, construction, and leasing of retail property.
Represented financial institution in judicial foreclosure and appointment of receiver for occupied multimillion dollar commercial property.
Represented collection of financial institutions in cooperation with law enforcement investigation of serial mortgage-elimination scam artist.
Represented financial institutions against customer claims of identity theft.
Represented financial institutions in claim and delivery matters.
Represented lender in sale of defaulted commercial real estate loan to distressed asset investor.
Represented a major automobile manufacturer in the sale of its multiple building Southern California campus.
Represented financial institutions in sale of commercial REO properties in Alameda County, Amador County, Solano County, and Orange County, California and Humboldt County, Nevada.
Represented flood control district in connection with relocation of railroad facilities required to implement flood control project.
Represented developer in securing California Public Utilities Commission approval of new public grade crossing of Peninsula Corridor tracks to serve major redevelopment project in San Francisco.
Represented partners in joint ventures for development, construction, leasing and operation of major high rise office buildings, retail centers and hotels in San Francisco, San Jose, Los Angeles, Dallas and New Orleans.
Represents financial institutions in nationwide consumer class action lawsuits across the country.
Represented a finance company in pursuit of $60,000,000.00 deficiency judgment and defense of cross-complaint by dealership group seeking over a hundred million in damages
Represented major banks in numerous operations cases with exposure in excess of $1,000,000.00
Obtained trial victories in wide-ranging subject areas including enforcing statutory indemnity rights for financial institutions; ascertaining the enforceability of promissory notes in securitized pools; defending identity theft claims against financial institutions relative to HELOCs; resolving a title dispute involving the marital property presumptions and the amanuensis doctrine; and defense of a Lanham Act claim based upon false advertising.
Obtained summary Judgment victories in favor of a financial institution in wide ranging cases including in defense of a banker alleged to have participated in a ponzi scheme and in favor of a bank against a fidelity insurer on the doctrine of superior equities.
Served as national counsel to a consumer credit reporting agency reporting on consumer deposit account experience and defended numerous lawsuits brought pursuant to FCRA and state law corollaries.
Represented borrower in $400,000,000 mortgage loan secured by 126 properties located in seven different States.
Represented financial institutions in numerous actions by borrowers and third party bidders arising from purportedly "wrongful" foreclosure sales.
Represented consumer finance companies in numerous lawsuits tethered to alphabet-soup consumer protection statutes including TCPA, FCRA, RFDCPA, FDCPA, CLRA, RESPA, and TILA.
Successfully defended over two dozen cases challenging various loan origination and servicing practices, both in federal and state court.
Successfully negotiated numerous settlements in highly volatile and highly contested actions involving major mortgage lenders and loan servicers.
- Defend energy purchasers and sellers in the aftermath of California's energy crisis, successfully resolving numerous claims and cases at the pleading stage.
Lead trial counsel in biotechnology-related arbitration, resulting in favorable resolution of every disputed factual issue, followed by settlement.
Defend global biotechnology and internet companies in patent litigation in federal court and at arbitration.
Vigorously litigate mortgage-related and other financial services-related claims against national banks and servicing companies, knocking out numerous claims at the pleadings stage.
Successfully defend multiple putative class actions against information services company under the Fair Credit Reporting Act.
Defend company against alleged violations of the Telephone Consumer Protection Act.
Defend mortgage originators and servicers in multiple putative class action cases in state and federal court involving allegations of wrongful foreclosure, statutory violations, and common law claims.
Defend financial institution in multiple putative class actions alleging violations of
Represent bank in putative class action in federal court, defending against alleged violations of Department of Housing and Urban Development guidelines.
- Successfully negotiated numerous settlements in highly volatile and highly contested actions involving major mortgage lenders and loan servicers.
- Obtained numerous judgments of dismissal of major lenders and loan servicers in cases involving purported mortgage loan origination fraud.
- Represented national mortgage lenders in defending cases involving purported mortgage loan origination fraud.
- Represented financial institutions in numerous actions by borrowers and third party bidders arising from purportedly "wrongful" foreclosure sales.
