Law Offices of Kramer and Kaslow: New York Bank Investigation Could Leave Banks Facing Charges

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Philip Kramer from the Law Offices of Kramer and Kaslow comments on New York investigation of banks

Kramer & Kaslow

The Law Offices of Kramer and Kaslow is weighing in on a new report from the New York Times that claims that the New York attorney general is investigating large banks for alleged wrongdoing. According to the May 16 New York Times article, “The New York attorney general has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses.”

Recently elected New York Attorney General Eric T. Schneiderman declined to comment but “according to people briefed on the matter who were not authorized to speak publicly, Eric T. Schneiderman’s office have also requested meetings with representatives from Bank of America, Goldman Sachs and Morgan Stanley.”

The article also spoke with Daniel C. Richman, a professor of law at Columbia. “Part of what prosecutors have the advantage of doing right now, here as elsewhere, is watching the civil suits play out as different parties fight over who bears the loss,” said Richman. “That’s a very productive source of information.”

Noted attorney Philip Kramer, senior partner at the law firm of Kramer & Kaslow whose consolidated litigation plaintiffs have been suing banks for their foreclosure practices agrees with Richman, “A lot of wrongdoing has been uncovered in civil cases. What is particularly interesting about the New York Attorney General’s approach is that they seem to have picked up on some of the issues we have used in our suits: fraud and greed in the securitization process being key elements.”

More of Philip Kramer’s comments can be found at the Law Offices of Kramer and Kaslow blog.

ABOUT PHILIP KRAMER
PHILIP A. KRAMER is the senior partner of the Law Office of Kramer & Kaslow, in Calabasas, California. Kramer & Kaslow is Martindale Hubbell “AV” rated. Mr. Kramer is a perennial recipient of the prestigious “Southern California Super Lawyer” award.

Mr. Kramer received his undergraduate degree from Ohio State University and his Juris Doctorate from the Catholic University of America, in Washington, DC. His practice emphasizes commercial litigation and trial advocacy, with a concentration on business litigation, and real property matters. He has prosecuted and defended cases for over twenty five years.

Mr. Kramer is a licensed real estate broker and has spent considerable time providing legal services in connection with real estate issues relating to loan modification and loss mitigation, land use and zoning, environmental issues, easements, construction and development, finance, and landlord tenant matters.

Mr. Kramer is admitted to practice before all courts in the State of California, the United States Supreme Court and the United States Court of Military Appeals. Mr. Kramer has tried in excess of 200 cases. He has appeared on nationally televised programs regarding pre-trial procedure and trial strategy and has appeared as a guest lecturer on topics ranging from constitutional law to trial practice, and Mr. Kramer frequently lectures on a broad spectrum of various legal and business issues.

Mr. Kramer also serves as a Judge Pro Tem for the Los Angeles Superior Court and as a Mediator.

Mr. Kramer is also a past president of the Los Angeles West Inns of Court, a national organization dedicated to bringing professionalism and civility back into the legal profession. He also serves on numerous Boards of Directors and serves as an officer in many companies. For more information call (818) 224-3900 or visit http://kramer-kaslow.com

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Stuart R. Simone, Esquire
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