President Obama Selects Former Ohio Attorney General Richard Cordray to Head New Bureau
According to The New York Times, Mr. Cordray "has demonstrated a willingness to sue early and often." Mr. Cordray has also expressed the view that Wall Street is "a fixed casino." In his time as Attorney General, Mr. Cordray brought lawsuits against a large number of major financial firms, accounting firms and the major rating agencies. His office served as plaintiff in nine major securities class actions against Wall Street firms, resulting in more than $2.5B in settlements. In addition to bringing litigation relating to the financial crisis, Mr. Cordray was the first to sue a mortgage lender over incidents of foreclosure fraud. A summary of securities litigation managed by Mr. Cordray and the Ohio AG's office is available here.
The Consumer Financial Protection Bureau will officially start its work this week. WilmerHale has established a special CFPB Working Group focused on enforcement and regulatory issues arising from the new bureau. A link to a recent WilmerHale webinar on the subject is available here.
