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Professional Responsibility Keyed to Hazard
In re American Continental Corp./Lincoln Savings and Loan Securities Litigation (Jones Day)
Facts
Jones, Day, Reavis & Pogue (Jones Day) (Defendant) was retained by American Continental Corporation (ACC) (Defendant) to perform a major internal audit of Lincoln Savings and Loan’s (Lindoln) (Defendant) Federal Home Loan Bank Bond (FHLBB) compliance and to help Lincoln (Defendant) deal with the FHLBB’s direct investment regulations. Jones Day (Defendant) found numerous regulatory violations. Jones Day (Defendant) was named as a defendant in four of the five separate actions that were filed after Lincoln (Defendant) failed. According to the evidence, Jones Day (Defendant) instructed ACC (Defendant) in how to rectify deficiencies so that they would not be evident to FHLBB examiners and that its attorneys participated in creating corporate resolutions to legitimize forged and backdated corporate records. The firm also provided an opinion letter in an ACC (Defendant) bond registration statement. Jones Day (Defendant) moved for summary judgment.
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