The New York Law Journal published an article today regarding the stunning victory of Pryor Cashman’s Financial Institutions Group over the FDIC in an administrative enforcement action. The article discusses how, after seeking to impose a $105,000 penalty on Pinchus Raice, co-head of the firm’s Financial Institutions Group, the FDIC ultimately paid Raice $1.55 million after he demanded a trial, and won. At the trial, Raice was represented by fellow Pryor Cashman partners Jeffrey Alberts, who is co-head of the firm's Financial Institutions Group and Benjamin Semel, a partner in the Litigation Group.

As the New York Law Journal explained, Raice was “entirely vindicated by the FDIC’s board” in a “rare victory” over the FDIC. The FDIC’s board issued its decision after the Administrative Law Judge to whom Alberts and Semel had presented evidence establishing the incoherence of the government’s position issued a 62-page decision that “blew apart the government’s theories about what had transpired.” 

Read the full story about this victory for Pryor Cashman’s Financial Institutions Group in The New York Law Journal article, “Pryor Cashman Partner Fought the Regulators, and the Regulators…Lost.”