David F.Adler

Of Counsel

Boston + 1.617.449.6903

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With 35 years of experience in complex litigation and regulatory matters, David Adler represents some of the world's largest financial institutions and other businesses in significant cases. He has a national practice, serving as lead trial counsel in cases before federal and state courts throughout the country. He has represented clients in mortgage-backed securities-related cases, securities and consumer finance class actions, financial statement misrepresentation litigation, Ponzi scheme and other fraud-related litigation, audit malpractice cases, and SEC (Securities and Exchange Commission) and bank regulatory investigations and enforcement actions.

David's recent representations include: a financial institution residential mortgage-backed securities trustee in class actions and numerous other significant cases brought by RMBS investors; a private equity company in litigation related to business acquisitions; financial institution clients in checking account overdraft class actions; financial institution clients in matters pertaining to mortgage loan servicing and foreclosures; a financial institution in a securities fraud class action and several other investor cases; a public accounting client in multiple litigations and a regulatory investigation relating to its attest work for a failed commercial mortgage lender; a financial institution in litigation relating to a Ponzi scheme; and clients in various SEC, OCC (Office of the Comptroller of the Currency), FDIC (Federal Deposit Insurance Corporation), CFPB (Consumer Financial Protection Bureau), and attorney general investigations.

David's public service activities have included serving on the Board of Trustees and chairing various committees of the Jewish Federation of Cleveland, Ohio; serving on various committees of Combined Jewish Philanthropies of Boston, Massachusetts; and chairing the Human Rights Committee of Jewish Family & Children's Service of Boston.

Experience

  • U.S. Bank obtains another appellate victory in cases alleging hundreds of millions of dollars in losses relating to residential mortgage-backed securitiesJones Day successfully defended on appeal the dismissal of an action against U.S. Bank seeking hundreds of millions of dollars in alleged losses in connection with certificates issued by 32 residential mortgage backed securities trusts for which U.S. Bank serves as trustee.
  • U.S. Bank defeats appeal alleging hundreds of millions of dollars in losses related to residential mortgage-backed securitiesJones Day successfully defended U.S. Bank National Association on appeal against an action seeking hundreds of millions of dollars in alleged losses in connection with certificates issued by 98 residential mortgage-backed securities trusts for which U.S. Bank serves as trustee.
  • U.S. Bank defeats class certification in putative class action alleging billions in class-wide losses in connection with residential mortgage-backed securitiesJones Day represented U.S. Bank National Association in a putative class action seeking billions of dollars in alleged class-wide losses in connection with investments in notes issued by 25 residential mortgage-backed securities trusts for which U.S. Bank served as trustee.
  • National bank obtains advice on internal investigation and OCC examination relating to mortgage foreclosure issuesJones Day is advising a top 15 national bank on internal investigation and OCC examination relating to mortgage foreclosure issues.
  • RBS Citizens and Citizens Bank of Pennsylvania resolve putative class actionJones Day successfully resolved a putative class action against RBS Citizens, N.A. and Citizens Bank of Pennsylvania asserting implied covenant and unfair and deceptive trade practices claims related to the banks' deposit reconciliation practices.
  • FirstMerit Bank obtains reversal of class certification and ultimate dismissal in Ponzi scheme caseJones Day represented FirstMerit Bank, N.A. in a lawsuit arising out of the collapse of large Ponzi scheme allegedly orchestrated by Joanne Schneider, a well-known Cleveland-area businesswoman involved in various real estate and retail enterprises.
  • RBS successfully defends fraud claims brought by RZB BankJones Day assisted The Royal Bank of Scotland Group plc in defense of fraud claims involving complex issues of U.S. GAAP arising out of RBS' syndication of a large loan to Enron.
  • FirstMerit defends against putative class action regarding debit transaction posting practicesJones Day is representing FirstMerit Bank, N.A. in a putative class action alleging breach of contract, fraud, and unjust enrichment based on FirstMerit's consumer checking account debit transaction posting practices.
  • National bank obtains advice on CFPB deposit compliance examinationJones Day is advising a top 15 national bank in a CFPB deposit compliance examination.
  • Mortgage servicer defends DOJ FIRREA investigationJones Day is defending a mortgage servicer in a Department of Justice investigation, initiated under the Financial Institutions Reform, Recovery and Enforcement Act ("FIRREA"), relating to third-party foreclosure costs reimbursed by FHA, Fannie Mae, and Freddie Mac.
  • CBIZ and Mayer Hoffman McCann obtain Ninth Circuit affirmance of dismissal of $900 million lawsuitOn February 23, 2015, the United States Court of Appeals for the Ninth Circuit ruled in favor of Jones Day clients CBIZ, Inc. and Mayer Hoffman McCann P.C. in a case filed on behalf of a putative class of investors alleging $900 million in losses from the collapse of Mortgages Ltd., a commercial real estate lender.
  • Financial institutions win Sixth Circuit appeal dismissing novel public nuisance suit filed by City of ClevelandOn July 27, 2010, the United States Court of Appeals for the Sixth Circuit ruled in favor of Jones Day clients Morgan Stanley and RBS Securities, along with 20 other financial institutions, in an appeal involving a novel, high-profile public nuisance claim filed by the City of Cleveland.
  • Nationwide Mutual Insurance resolves shareholder class action alleging breach of fiduciary duty from buy-outJones Day represented the majority shareholder and Chief Executive Officer of Nationwide Mutual Insurance Company in shareholder class actions in Ohio (federal and state) and Delaware courts charging breach of fiduciary duty arising from a buy-out of minority publicly held shares.
  • American Greetings defends against breach of contract lawsuit resulting from debt securities acquisitionJones Day represented American Greetings in a breach of contract lawsuit relating to the acquisition of certain debt securities.
  • Laidlaw resolves action related to tax losses transferred from foreign subsidiariesJones Day obtained a settlement on behalf of Laidlaw Inc. in a lawsuit brought by the United States relating to certain tax losses transferred from foreign subsidiaries.
  • Colt's defends public nuisance lawsuit filed by the City of ClevelandJones Day represented Colt's Manufacturing Company, Inc. in the City of Cleveland's lawsuit against numerous gun manufacturers alleging, among other things, that their sales and marketing practices created a public nuisance.
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    July 2017 Commentary

    Controversial Rule by CFPB Limits Class Action Waivers in Arbitration Agreements

    April 2016 Alert

    New Guidance on Customer Identification in Prepaid and Other Card Programs

    April 2015 Commentary

    State Regulators Propose New Prudential Standards for Nonbank Mortgage Servicers

    December 2013 Commentary

    OCC and FDIC Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products

    November 2013 Alert

    Government's Annual Certification Claims Under the FCA Take a Hit in Federal Court in California in a Case Involving Individual Liability

    February 2013 Alert

    Consumer Financial Protection Bureau Will Scrutinize Consumer Protection During Mortgage Servicing Transfers

    January 2013 Alert

    D.C. Circuit's Invalidation of NLRB Appointments May Affect the CFPB

    December 2012 Alert

    Jones Day Participates in CFPB's Project Catalyst Launch

    April 2012 Alert

    The CFPB's Study on Arbitration Clauses: The First Step to Unraveling Concepcion in Consumer Transactions?

    March 2012 Commentary

    FDIC Failed Bank Director and Officer Claims – Recent Court Decisions Better Define The Landscape
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