News & Analysis as of September 22, 2024

Statute of Limitations › Financial Institutions Reform Recovery Enforcement Act

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Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period usually commencing from the date of the wrong or injury or the discovery of the wrong or injury. Except for under a limited set of circumstances, if an individual does not file a suit within the specified time period, the law bars them from ever suing on that claim. less -

Biden DOJ Likely To Employ FIRREA as an Enforcement Tool

Skadden, Arps, Slate, Meagher & Flom LLP on 4/5/2021

The Department of Justice (DOJ) under President Joe Biden is widely expected to increase its focus on white collar enforcement actions against individuals and financial institutions. We anticipate that we will see, as we did...more

Expanding FIRREA Liability for Financial Institutions: Recent Second Circuit Developments

Latham & Watkins LLP on 6/16/2015

In a brief — and swiftly decided — per curiam decision issued June 4, 2015, the US Court of Appeals for the Second Circuit affirmed the wire fraud and wire fraud conspiracy convictions of three former UBS Financial Services,...more

"Dusting Off FIRREA: Old Statute Poses Challenges for Financial Institutions"

Skadden, Arps, Slate, Meagher & Flom LLP on 2/10/2015

A long-dormant law can become an unexpectedly potent weapon in the hands of an assertive prosecutor. And in recent years, few statutes have undergone a rebirth more dramatic — and for some, more troubling — than the civil...more

Tenth Circuit Rules that “Extender Statutes” Permit NCUA to Bring Otherwise Time-Barred RMBS Suits

Goodwin on 9/3/2013

The Tenth Circuit has held that provisions of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”) that extend the time period for a government regulator to bring “any action” on behalf of a...more

Think the Government’s Claim Against You Is Time-Barred? Not So Fast!

Dechert LLP on 5/9/2013

When a company understands that the United States Government may have a claim against it, the company’s directors and officers are usually very aware of the applicable statute of limitations and the passage of time. When the...more

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