Financial Law

Financial law,or financial services law, can be thought of as the law of money and banking. Financial services law is among broadest areas of legal practice and encompasses areas as diverse as bankruptcy law, fair credit practices, interest rates on credit cards, and the regulation of Payday Loan companies.

Many attorneys who specialize in financial services law are employed by the various regulatory agencies of federal, state, and local governments. At the federal level such agencies include the Federal Reserve Board and it various sub-agencies, the Securities and Exchange Commission, the Treasury Department, or the Internal Revenue Service. Financial service lawyers are also employed by the various state and local regulatory agencies as well as by consumer watchdog or advocacy groups.

While certain financial lawyers deal with financial criminal matters, this is different from traditional criminal defense work. For example, Attorney Peter Elikann is a well known criminal defense attorney in Boston, Massachusetts. While Peter handles a multitude of criminal matters, financial crimes would generally be outside of his usual scope of practice. Unlike a financial crimes attorney, a criminal defense attorney would be more likely to handle matters such as   sex crime criminal defense.

In the private practice of financial services law, two types of practices are the most frequently represented: bankruptcy law, tax law, and debt restructuring / debt resolution law.

The roles of bankruptcy and tax attorneys are well known. Bankruptcy attorneys guide their clients through the complexities of the Bankruptcy Code, plan and write inventories of assets and bankruptcy petitions, as well as advising their clients during mandatory court appearances. Tax attorneys advise their clients regarding the tax laws and questions of tax liability. Tax lawyers frequently work with other professionals such as Certified Public Accountants (CPAs) or Certified Financial Advisers (CFAs) to help their clients reduce the amount of taxes will owe in the future. Obviously, lawyers practicing tax or bankruptcy law are aware that their areas of legal specialization often overlap to the extent that many attorneys have chosen to practice in both fields.

As is the case with securities or banking lawyers, those wishing to enter financial services law will take both required and elective courses while in law school. During school, of after graduation, many students will serve an internship with a law firm that specializes in financial services law or perhaps with one of the many governmental regulatory agencies that deal with financial services. A number of financial services lawyers will also complete a Master of Business Administration, with special interest in areas such as accounting or financial planning.

To summarize, financial service law is a broad field that includes areas such as banking law, tax law, and consumer financial protection. Although many lawyers practicing financial services law are employed by various governmental regulatory agencies, bankruptcy and/or tax attorneys represent a significant number of financial services lawyers who have entered private practice.

Legal News Update

The Jeep And Dodge Emissions Lawsuit

The Securities and Exchange Commission along with numerous state attorneys are currently investigating different models manufactured by Fiat. These are diesel vehicles and claims have been made by the Environmental Protection Agency that they violate environmental law. Additionally, an emissions class action lawsuit on behalf of Jeep and Dodge owners may be pending.

The basis of the claims are the belief software has been installed into Fiats diesel vehicles that bypass pollution standards. The information regarding these vehicles is being sought after by the EPA, SEC and Department of Justice.

Sergio Marchionne, the CEO of Fiat Chrysler is outraged by these claims. He wanted the company to be in a good economic situation when he retires late in 2018. Marchionne has even changed Fiats line to increase profitability. The Chrysler 200 and the Dodge Dart have been removed form the lineup due to low productivity. These funds have been used for the Jeep sport vehicles.

Marchionne planned to get rid of Fiats debt by investing in the popular Jeep SUV line. He also receives an annual bonus based on the financial performance of the company so if the EPA charges do hold his bonus will drop substantially.

The people who have purchased these vehicles may be entitled to compensation. Contact our law firm as we are investigating the possibility of a class action lawsuit for the owners of Jeep Diesel and Dodge owners.

Fiat Chrysler Diesel’s Being Investigated By French Regulators

Fiat Chrysler is being investigated for accusations of cheating on some of their diesel line. Nitrogen Oxygen pollutants over the legal limit have been discovered by French investigators. Fiat Chrysler is accused of making their vehicles appear to be within regulations on their pollutants.

Renault and Volkswagen have also been inspected with a specific program and referred to French prosecutors. The U.S Environmental Agency has accused the FCA of using technology to manipulate emission results and having hidden software installed in their vehicles to stop excessive emissions from being detected. If this is proven a fine of $4.6 billion dollars will be assed to the FCA.

The Chief Executive of the FCA, Sergio Marchionne rejected all the accusations. He said the this technology does not exist and no vehicles were illegally rigged. Despite this Germany says they have three FCA vehicles that do contain technology for illegal cheating. These allegations were also rejected.

The people who have purchased these vehicles may be entitled to compensation.

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Stockert Heater Cooler Lawsuits

New studies by the U.S. Food and Drug Administration have linked nontuberculous mycobacteria (NTM) infections to the heater-cooler devices that are used in cardiopulmonary bypass or open-heart surgeries. Although the symptoms of an NTM infection may take months or years to manifest, the infection can result in illness and ultimately lead to death.

The FDA issued a statement in October 2015 regarding the potential dangers of using these devices. Now, Stockert Heater-cooler lawyers are aiding patients by investigating the link between the use of these devices and NTM infections as well as filing lawsuits for patients affected.

Heater-cooler devices serve the purpose of keeping the patient’s body temperature and blood cool during a heart operation by using water that is temperature-controlled. However, water may be contaminated, allowing the device to spread this harmful bacteria into the air. While a patient’s chest cavity is open during surgery, this infection can then easily enter their body. Many lawsuits have already been filed against the manufacturers of these devices as the result of unsafe products being sold that allow this bacteria to enter the body during an operation.

An estimated 250,000 heart bypass surgeries are performed annually in the United States. 60 percent of these heart bypass surgeries use the Sorin Stockert 3T. The CDC has stated that the chances of a patient contracting NTM during a procedure which uses this model are between 1 in 100 and 1 in 1,000. As a result, the CDC as well as the FDA have issued warnings about the risk of using this particular model.

NTM infections have killed several people and caused serious illness in many others. Investigations have found a link between these cases and the use of heater-cooler devices that use contaminated water. Two hospitals in Pennsylvania have informed patients that thousands of people who have received heart surgery on their premises may have been exposed to NTM as the result of the heater-cooler devices used.

Those who contract an NTM infection have a 50 percent chance of surviving. The symptoms are incredibly hard to treat and can take several years to manifest. Patients who have contracted NTM infections are filing lawsuits against the manufacturers of contaminated heater-cooler devices.

Should I File a Heater-Cooler Device Lawsuit?
Those who are infected with NTM may find it difficult to pay for medical bills. Sometimes surgery is required to eradicate tissue that has become infected. Treatment may lead to further complications. The FDA has found a strong link between NTM infections and the use of contaminated devices. After several studies, the FDA has discovered that heater-cooler devices use air filters that may not adequately capture NTM bacteria.

If you have contracted an NTM infection as the result of a contaminated heater-cooler device, contact our lawyers today.