At any moment, without warning, almost any company or financial institution could find itself facing a nationwide barrage of parallel private and regulatory lawsuits and investigations— all arising out of the same business practice or basic facts. This article, which draws chiefly on our personal experience having served for over two years as national counsel for a company bombarded with litigation, will describe and discuss best practices for the general counsel whose company is in a similar situation. The failure from Day One to appreciate the full scale of what’s confronting you—and how to work through it—can have deep consequences.
It takes only one allegedly faulty part in a product, or one type of unpopular financial instrument or one erroneous business rule applied to thousands of transactions—and any company can be dropped into the litigation kettle, with lawsuits and investigations coming fast from every direction. The matters could range from simple complaints filed by individual plaintiffs, to massive class actions alleging dozens of legal violations, to investigations, cease-and-desist orders or preliminary injunctions sought by state and federal agencies.
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