How have the changes in the economy in recent years affected lawsuits filed against international financial institutions?

New York commercial litigation attorney, Jonathan Harris, reflects how societal and economic forces have impacted litigation against big multi-national banks.

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Transcript:

The financial meltdown that started or midway with the collapse of Lehman Brothers obviously gave rise to a huge quantity of lawsuits against these financial institutions. And you know what, that is not going to change. The incentives at the financial institutions, the amount of money there, the temptation is just so great. And as an old mentor of mine said, “You know, Jon, fraud is never going to stop.” And it’s interesting, one of the things a lot of financial institutions do or they’re required to do by regulators is have employees take two weeks off as a vacation in a row. And the reason they do that is because they found that the auditors and their managers are more likely to catch their wrongdoing when they’re out of town for two weeks. So compliance has been built up at these organizations, there’s more lawyers, there’s more regulation but people are people and faced with that type of temptation and also just people are going to make mistakes and there’s lots of money involved. So I think this is just going to continue.