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In light of the current world-wide financial crisis, Armstrong Teasdale LLP has assembled an experienced team of litigators and financial sector experts to assist clients in recovering financial investments. Despite the various government initiatives underway to assist the nation’s largest financial houses, the organizations most affected by the financial environment are not included in the so-called “bail out” plan. The Armstrong Teasdale’s Toxic Asset Task Force assists key management personnel in conducting an evaluation of assets and portfolios to determine whether the affects of toxic assets are a direct result of fraudulent financial practices, and therefore, have claims for compensation. The results of the evaluation can often times identify claims that may be asserted to ameliorate the effects of these “financially engineered” poisons.
Armstrong Teasdale partners Paul Kovacs, Dan Nelson and Mark Sophir recently obtained $195,000,000 in settlements from Goldman Sachs ($100,000,000) and Morgan Stanley ($95,000,000). Wall Street’s two biggest players each agreed to these settlements in a lawsuit filed by the firm on behalf of the Liquidator of General American Mutual Holding Company (“GAMHC”).
To obtain these results, the members of the Toxic Asset Task Force have immersed themselves in the financial culture for the past five years, gaining a detailed understanding of the characteristics and nuances of these toxic asset classes. GAMHC’s troubles, and the ensuing litigation, were an early precursor of the current toxic assets problems spreading throughout the economy.
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A GAMHC subsidiary wrote and sold a particular type of derivative asset, known as a “Floating Rate Funding Agreement,” and backed that asset by investing in now-infamous toxic assets such as Non-Agency Mortgage Backed Securities, Asset Backed Securities, Collateralized Debt Obligations, and Foreign-Asset Backed Derivative Securities.
Two of the Toxic Asset Task Force members are former Federal Prosecutors who will be able to assist with any questions regarding regulatory or criminal investigations or act promptly on behalf of the client should the authorities come knocking.
ABOUT ARMSTRONG TEASDALE
Armstrong Teasdale LLP is a leading law firm that delivers sophisticated legal advice and exceptional client service. With nearly 300 lawyers practicing in nine strategic office locations, we serve a dynamic national and international client base in virtually every area of law. Whether an issue is local or multi-jurisdictional, practice area specific or industry related, Armstrong Teasdale provides each client with an invaluable combination of legal and practical advice capable of securing optimal results. |
