Palmer, Lombardi & Donohue LLP Successfully Prosecutes Largest Promissory Note/Employment Matter In FINRA’s History on Behalf of Barclays Capital Inc.
Palmer, Lombardi & Donohue LLP recently received a historic FINRA Arbitration award on behalf of client Barclays Capital Inc. Partners Devin Donohue and Jeffrey Goldberg and associate Katelyn Mirolla successfully prosecuted what has been described by various industry publications as the largest arbitration award in a FINRA promissory note/employment case. After over a week of hearings, Barclays received the full amount of principal ($6.6MM) and the full amount of interest sought in its statement of claim. The panel additionally awarded a higher rate of interest on the award if it remained unpaid and the panel denied all of the numerous counterclaims asserted by the Respondent financial advisors in the matter. Below is a link to the arbitration award.
Read Finra Award.
Palmer, Lombardi & Donohue LLP Successfully Prosecutes Promissory Note Matter On Behalf of UBS Financial Services Inc. Receiving Multi-Million Dollar Arbitration Award
Palmer, Lombardi & Donohue partner Jeffrey Goldberg recently obtained a multi-million dollar FINRA arbitration award on behalf of client UBS Financial Services Inc. in a promissory note collection matter. UBS Financial Services Inc. was awarded the full amount of principal owing to UBS ($3,664,710), the full amount of interest sought in its statement of claim, and attorneys’ fees. Mr. Goldberg also successfully obtained sanctions for discovery violations by the Respondent financial advisor, including monetary sanctions and the dismissal of Respondent’s defenses with prejudice. Below is a link to the arbitration award.
Read Finra Award.
Palmer, Lombardi & Donohue LLP Successfully Prosecutes Promissory Note Matter On Behalf of UBS Financial Services Inc.
Palmer, Lombardi & Donohue partners Devin Donohue and Jeffrey Goldberg recently obtained a FINRA arbitration award on behalf of client UBS Financial Services Inc. in a promissory note collection matter. UBS Financial Services Inc. was awarded the full amount of principal owing to UBS ($412,690), the full amount of interest sought in its statement of claim and more than $100,000 in attorneys’ fees and costs. Mssrs. Donohue and Goldberg also successfully convinced the panel to deny all of the Respondent financial advisor’s unmeritorious counterclaims. Below is a link to the arbitration award.
Read Finra Award.
Partner Thomas E. Lombardi Hosts Networking Lunch for Real Estate Lawyers Featuring Councilman Mitch O’Farrell, of The 13TH District of Los Angeles
On October 16, 2014, the Real Estate Finance Subsection of the State Bar of California, presented a networking lunch event featuring Los Angeles City Councilman Mitch O’Farrell. Partner Thomas E. Lombardi, Southern California Chairman of the Real Estate Finance Subsection, sponsored and hosted the event, at which Councilman O’Farrell gave the attendees a presentation on the state of affordable housing in Los Angeles. The group also received up to date information on the activity of the City Council connected with the further development of affordable housing units within the City. Thereafter, Councilman O’Farrell took questions from the group, which led to a lively policy discussion about clearing red tape and easing the entitlement costs and burdens associated with developing affordable housing, as well as the economic incentives to build affordable housing in the present economic and legal environment.
Thomas Lombardi Featured Speaker at Real Property Section Retreat of the State Bar of California
The Real Property Section of the State Bar of California gathered its members for its Annual Real Property Retreat in Yosemite California, on May 1st to 4th for three days of social events and continuing legal education seminars. Partner Thomas Lombardi, along with several other experienced speakers, provided members of the bar with the keys needed to understand the story behind distressed assets and distressed borrowers in a presentation entitled Distressed Assets 2014: Opportunities and Challenges in an Up Market. The Panelists discussed negotiation, due diligence and acquisition strategies that will shift as the market continues its upward trend. The Panelists also discussed the current state of the distressed asset market and how before buying, clients and their counsel need to be aware of how changes in borrower behavior affect approaches to due diligence, make workouts more challenging, and may possibly lead to post-acquisition litigation.
PLD attorneys selected as 2014 Southern California Super Lawyers
Palmer, Lombardi & Donohue LLP is proud to report that E. Scott Palmer and Thomas E. Lombardi have once again been named to the list of 2014 Southern California Super Lawyers.
Super Lawyers magazine selects attorneys using a rigorous, multiphase rating process. According to the publication, “peer nominations and evaluations are combined with third party research. Each candidate is evaluated on 12 indicators of peer recognition and professional achievement. Selections are made on an annual, state-by-state basis.”
Congratulations to PLD’s 2014 Southern California Super Lawyers.
Palmer, Lombardi & Donohue Selected as One of the “Best Places to Work in Los Angeles”
For the third consecutive year, Palmer, Lombardi & Donohue received the honor of being named one of the “Best Places to Work in Los Angeles”, published by the Los Angeles Business Journal. The distinction is granted to the best small, medium and large based companies to work for in Los Angeles County. The rankings are based in large part to responses from a Employee Engagement and Satisfaction Survey.
Scott Palmer Quoted in Los Angeles Daily Journal Article Regarding Growth and Management of Small Law Firms
On January 3, 2013, in an article in the Los Angeles Daily Journal entitled “Small Firms Expect More Work, Struggles Over Growth in Next Decade,” author Ryne Hodkowski wrote:
E. Scott Palmer, co-founder of 22-attorney Palmer, Lombardi & Donohue LLP, said that upon establishing the firm 13 years ago, he set goals to reach 20 to 25 attorneys, develop practice areas in securities, banking, litigation and real estate and cover Northern California and Southern California. With those initial goals accomplished, he said the future growth of the firm is in the hands of its clients.
“The most important thing for us is to grow prudently and based on the real needs and opportunities presented to us by our clients,” he said. “We don’t want to be a ‘build it and they will come’ type of law firm.”
Palmer’s attitude is in line with several other managing partners of small and mid-sized firms.
Palmer, Lombardi & Donohue LLP Wins RESPA Case in Ninth Circuit Published Decision
Palmer, Lombardi & Donohue LLP recently obtained a published decision favorable to its lender client from the United States Court of Appeal for the Ninth Circuit. The case, Medrano, et al. v. Flagstar Bank, FSB, et al., involved a borrower who sent 3 letters to the lender claiming that they were Qualified Written Requests made under the Real Estate Settlement Procedures Act, 12 U.S.C. section 2605. The letters did not indicate they were Qualified Written Requests made under 12 U.S.C. section 2605; instead, the letters asserted that the terms of the loan were incorrect. Roland Reynolds and Frederick Haist successfully argued to the Ninth Circuit that even though a Qualified Written Request does not need to contain magic words to fulfill the mandates of 12 U.S.C. section 2605, it must indicate that there is a problem with the servicing. The Court agreed with Mr. Reynolds and Mr. Haist that letters asserting a problem with the loan terms and origination would not constitute a Qualified Written Request under 12 U.S.C. section 2605. As a consequence of the decision, the Ninth Circuit upheld the trial court’s ruling dismissing the borrower’s 12 U.S.C. section 2605 claim. This case helps clarify what constitutes a Qualified Written Request under 12 U.S.C. section 2605 and will serve as an important road map for future claims involving that statute.
Read published Opinion.
Partner Thomas Lombardi Selected as Committee Member for Real Estate Litigation Subsection
Partner Thomas Lombardi will serve as 2013 steering committee member of the State Bar of California’s Real Estate Litigation Subsection. Mr. Lombardi, whose practice focuses on the representation of commercial real estate owners and operators, will play a significant role in the development of policies and legislation affecting the California real estate market. The section serves as a forum for communicating information to California’s diverse real estate attorneys on current developments and trends in real property law.