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Finally, 8 Factors Governing FIRREA Civil Penalty Awards


Andrew W. Schilling

In recent years, the U.S. Department of Justice has made increasingly aggressive use of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) to target allegations of financial fraud, most notably in its recent, multibillion dollar civil fraud case against Standard & Poor’s (S&P). But while the Justice Department files more and more civil fraud suits under FIRREA, there are few court rulings applying that statute. Many of these cases settle without litigation, and the courts in pending cases have not yet issued any significant rulings.

Originally published by Law360, reprinted with permission.

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