During the past 18 months, while the U.S. Department of Justice commenced a number of high-profile cases against financial institutions under the long-forgotten Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), many commentators and legal experts opined that the DOJs interpretation of the statute was misplaced and unlikely to survive legal scrutiny. So far, the commentators and experts have been wrong. Two recent decisions by respected jurists have allowed FIRREA claims to proceed against significant financial institutions.
Background of FIRREA
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