Ulmer & Berne LLP’s New Subprime Task Force Represents National and Local Financial Institutions

CLEVELAND--(BUSINESS WIRE)--Ulmer & Berne LLP announces the creation of its new Subprime Task Force formed to address the issues created by the subprime mortgage crisis. The Firm’s nationally recognized business and litigation attorneys have the depth and expertise to advise clients on a broad range of subprime-related issues, including complex regulatory and transactional matters, investigations, bankruptcy and litigation.

Specialized areas of this multidisciplinary Task Force include Banking and Commercial Litigation, Financial Services Regulatory Law, Commercial Real Estate, Bankruptcy/Restructuring, Internal Corporate Investigations, and Litigation Against Clients with “Deep Pockets.”

Ulmer & Berne LLP, established in 1908 and celebrating its 100^th year, is one of Ohio’s largest law firms. In a survey of Fortune 500 companies by Corporate Counsel magazine, Ulmer & Berne has been chosen as a Go-To Law Firm® for both 2007 and 2008. Less than one-half of one percent of all the law firms in the US and abroad received this distinction. Also, in 2007, the Firm was recognized in The BTI Consulting Group’s survey of corporate counsel as one of only 85 firms nationally that “delivers the best value for the dollar.”

A full-service Firm with 180 attorneys in Cleveland, Columbus, Cincinnati and Chicago, Ulmer & Berne represents publicly traded and privately held companies, financial institutions, pharmaceutical companies, family businesses, international joint ventures and affiliations, investor groups, start-ups and emerging businesses, public bodies and nonprofit organizations. For more information, visit www.ulmer.com.

Detailed information on the specialized areas is highlighted below:

Banking and Commercial Litigation

The Subprime Task Force includes experienced banking and commercial litigation attorneys who currently represent some of the nation’s largest financial institutions in complex subprime litigation matters, including those recently filed by the cities of Buffalo, NY, and Cleveland, OH, against the issuers and securitizers of subprime debt.

Ulmer & Berne attorneys have defended banks, hedge funds, mortgage brokers, and other financial institutions, as well as their individual directors, officers, and third-party agents, in nearly every type of lending and commercial litigation. Experience includes handling litigation involving collateralized mortgage obligations (CMOs), credit-related securities, truth-in-lending and consumer disclosure, financial privacy, Uniform Commercial Code, federal preemption, credit discrimination, unfair or deceptive practices, commercial lending law, and lender liability. The Firm has recently defended claims arising from the subprime crisis not only against financial institutions, but also against their advisers and agents, including attorneys and accountants.

Financial Services Regulatory Law

Ulmer & Berne provides a full range of services essential to keep financial institutions competitive in today’s marketplace, while continuing to remain focused on compliance with existing and emerging subprime lending regulations. Ulmer & Berne lawyers represent financial institutions before regulatory agencies in response to examination and enforcement proceedings and advise clients on all aspects of regulatory compliance. They also assist clients in complying with the full range of financial services laws and regulations, including the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Truth in Lending Act, the Real Estate Settlement Procedures Act, the Home Mortgage Disclosure Act, the USA PATRIOT Act, the Bank Secrecy Act, and many other statutes and regulations affecting the financial services industry. Ulmer & Berne attorneys also counsel clients on forming, merging, and acquiring full-service and limited purpose banks, savings associations, and holding companies.

Commercial Real Estate

The Real Estate Practice of Ulmer & Berne has received the highest ranking of any Ohio-based law firm for the past four years on the Midwest Real Estate News list of Top Real Estate Law Firms. The attorneys of the Real Estate Practice advise commercial mortgage loan issuers and servicers on lending and servicing relationships and represent clients in loan transactions, including the sale of beneficial interests. The real estate attorneys work with the Firm’s other practice groups to provide specialized expertise in traditional mortgage financing and securitizations as well as other non-traditional transactional structures responsive to their needs and to those of their customers and markets.

Bankruptcy/Restructuring

One aspect of the subprime lending crisis is, of course, the increase in distressed commercial debt. There are significant business opportunities that can be present in insolvency proceedings and, specifically, in the current business environment surrounding the distressed debt market. Ulmer & Berne attorneys assist clients in acquiring and selling distressed assets, whether through direct transactions or through proceedings such as secured party sales and sales under Section 363 of the Bankruptcy Code. The Firm serves creditors (secured and unsecured), debtors, trustees, and others in restructurings, out-of-court workouts, bankruptcies, receiverships, and other insolvency proceedings. The attorneys also work to develop strategies and structure resolutions in connection with claims arising from or related to insolvencies and distressed businesses.

Internal Corporate Investigations

The Firm has performed internal investigations of entities, officers, and employees in alleged securities, disclosure, employment, and financial reporting misconduct for a variety of clients. These investigations have included representing and working with special board and board audit committees in extensive due diligence, project and document review, employee and related-party interviews, comprehensive reporting, and other tasks related to internal investigations.

Litigation against Clients with “Deep Pockets”

In this unsettled financial climate, investors increasingly look to the perceived “deep pockets” of financial institutions, as well as their officers and directors, for recovery. Many of the nation’s major banks and other financial institutions turn to Ulmer & Berne for defense against charges of securities fraud, misrepresentation, unauthorized trading, or alleged violations of federal and state laws and related regulations. The Firm’s attorneys also represent entities and individuals in regulatory and white-collar investigations at both the federal and state levels, and advise clients on disclosure issues related to the subprime crisis. Based on recent reports, it appears likely that even more claims will be filed against those who participated in packaging and selling securities backed by subprime mortgages.