Banks are debtors too—Attorneys beware
By Michael McKenzie
Commercial Banking, Collections, and Bankruptcy,
July 2011
When problem banks go into FDIC receivership, the loss exposure for both billed and unbilled time increases exponentially, and the probability of recovering legal fees from an FDIC receivership are practically nil. There are several steps attorneys can take, however, to minimize loss, mitigate risk, and preserve the client relationship.
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