Venable partner Allyson Baker was quoted in January 9, 2015 articles in The Deal Pipeline and The Street on plans by the Justice Department and state attorneys general to use the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) against financial institutions. They are expected to pursue civil suits under FIRREA to recoup losses from the subprime crisis. The law has a ten year statute of limitations meaning suits could be pursued through 2017.
"There will be a proliferation of civil settlements and potential lawsuits under FIRREA to come," said Baker. "The DOJ has demonstrated its willingness to use FIRREA to investigate financial institutions. We could see the Department of Justice broadening its use of FIRREA in the months and years to come."