Joseph J. Reilly
- p. 202.349.7965
- f. 202.349.8080
Joe Reilly, a partner in BuckleySandler’s Washington, DC office, represents corporate and individual clients in federal and state enforcement actions and investigations, as well as in private civil and class action lawsuits. He has argued matters successfully in both the New York and Washington, DC federal courts. He also has an active consumer financial services regulatory practice, advising financial institutions, nonbank lenders, mortgage insurers, and others on federal and state consumer financial services matters, including preparation for examinations by the Consumer Financial Protection Bureau (CFPB).
Mr. Reilly has defended institutions and individuals in enforcement proceedings brought by the SEC, the DOJ, the federal banking agencies, HUD, and the European Commission. In private civil matters, he has asserted or defended claims in diverse areas of law, including bank director and officer fiduciary duties, securities, antitrust, civil RICO, and breach of contract.
Mr. Reilly’s regulatory compliance practice focuses on residential mortgage finance and includes frequent counseling on Dodd-Frank and CFPB matters, fair and responsible lending and servicing, truth in lending, RESPA, fair credit reporting, licensing, federal and state disclosure, default and loss mitigation, contract terms, fee authorization issues, and federal preemption of state law.
Mr. Reilly is a member of the American Bar Association’s Committee on Banking Law and Committee on Consumer Financial Services, where he serves as Vice Chair of the TILA Subcommittee.
Prior to joining BuckleySandler in 2010, Mr. Reilly was a Special Counsel in the Litigation Group at Sullivan & Cromwell LLP.
Prior to entering private law practice, Mr. Reilly spent one year as an investment banker at Credit Suisse First Boston, where he held the NASD Series 7 (General Securities Representative) license.
Representative matters involving consumer financial services advice include:
- Advice to large banks and mortgage insurers on the CFPB’s new “ability to repay / Qualified Mortgage” rule.
- Representation of two top-ten banks and two large regional banks in preparing for and responding to CFPB examinations.
- Representation of a top 10 bank in due diligence of an acquisition target’s mortgage origination and servicing operations.
- Advice on federal preemption of state consumer credit laws to a national mortgage lender.
- Truth in Lending Act (TILA), Equal Credit Opportunity Act (ECOA), and Home Mortgage Disclosure Act (HMDA) compliance advice to national mortgage lenders.
- Real Estate Settlement Procedures Act (RESPA) compliance advice to numerous settlement services providers.
- Representation of two large national banks in connection with Office of the Comptroller of the Currency (OCC) and attorney general investigations arising out of alleged “robo-signing” and other defects in the residential mortgage foreclosure process.
Representative enforcement and litigation matters include:
- Representation of national bank’s board of directors in OCC and SEC investigations into related-party transactions, as well as follow-on litigation brought by terminated CEO against the board (Hill, et al. v. DiFlorio et al., No. 08-CV-00059-RBW (D.D.C.)).
- Representation of an auto finance company in a consumer class action in Maryland state court.
- Representation of the former CEO of MBIA in investigations and litigation arising from the use of “finite risk” re-insurance. This work included a successful response to an SEC Wells Notice, resulting in no enforcement action; and the dismissal of the follow-on private securities class action, which was affirmed on appeal (In re MBIA Inc. Securities Litigation, 2007 WL 473708 (S.D.N.Y. Feb. 14 2007), aff’d, 300 Fed. Appx. 33 (2d Cir. 2008)).
- Representation of British Airways in the DOJ criminal investigation into price fixing in the provision of air cargo and passenger air services, as well as in the follow-on multidistrict class action lawsuits (In re Air Cargo Shipping Servs. Antitrust Litigation, 06-md-1775 (E.D.N.Y.) and International Air Transportation Surcharge Antitrust Litigation, 06-MDL-1793 (N.D. Cal.)).
- Trump v. Cheng, 882 N.Y.S.2d 87 (1st Dep’t 2009). Representation of Vornado Realty Trust in successful appellate defense of $1.4 billion claims brought by Donald Trump alleging breach of Delaware-law fiduciary duties.
- Representation of BP p.l.c. and its CEO, Lord Browne, in litigation relating to BP’s Russian joint venture interests, including (1) successful defense of $1 billion RICO complaint (Norex Petroleum Ltd. v. Access Industries, Inc., 540 F. Supp. 2d 438 (S.D.N.Y. 2007)), and (2) successful defense of action brought under the “discovery in aid of foreign proceedings” statute, 28 U.S.C. § 1782(a) (Norex Petroleum Ltd. v. BP America, Inc., 384 F. Supp. 2d 45 (D.D.C. 2005)).
- Novell, Inc. v. Microsoft Corp., 2005 WL 1398643 (Jun. 10, 2005), aff’d, 505 F.3d 302 (4th Cir. 2007). Representation of Microsoft in antitrust action by former owner of WordPerfect. Secured dismissal — which was affirmed on appeal — of majority of claims at motion-to-dismiss stage.
- Representation of the former Chairman of CMS Energy’s Audit Committee in an SEC investigation related to CMS Energy’s “zero-margin” round-trip trading. This work included another successful response to an SEC Wells Notice, resulting in no enforcement action; and defense of claims against the former Chairman in follow-on federal securities class action litigation (In re CMS Energy Securities Litigation, No. 02-CV-72004 (E.D. Mich.)).
- Representation of the largest bank in Australia in an SEC investigation into auditor independence issues, which resulted in no enforcement action.
- Represented large regional bank in an SEC investigation regarding accounting matters, which resulted in no enforcement action.
- Represented state-chartered bank in fraud investigation by the Federal Reserve, the DOJ and state agencies.
- Representation of ICI Mutual Insurance Co., principal insurer of the mutual fund industry, in negotiation of multi-million dollar claims by three insured mutual fund complexes arising from alleged “market timing” and “directed brokerage” practices.
Judicial Clerkships. Mr. Reilly clerked for the Honorable Dennis Jacobs of the U.S. Court of Appeals for the Second Circuit and for the Honorable Reena Raggi of the U.S. District Court for the Eastern District of New York.
Congressional Experience. Prior to law school, Mr. Reilly served on Capitol Hill for over four years in several House and Senate Committee staff positions, the last of which was Chief Investigator for the Democratic Staff of the U.S. House Committee on Banking and Financial Services. In that capacity, he supervised the Democratic Staff’s investigation of the “Whitewater” matter. Mr. Reilly had previously served as a Professional Staff Member on the Banking and Financial Services Committee, where his responsibilities included managing hearings to oversee the Justice Department’s initial efforts to enforce fair lending laws through statistical analyses. Mr. Reilly also had responsibility for money laundering and Bank Secrecy Act investigative and legislative initiatives, which culminated in passage of the Money Laundering Suppression Act.
Military Service. After completing Army R.O.T.C. and Airborne School, Mr. Reilly served as an officer in the U.S. Army Reserves for five years, assigned to the 450th Civil Affairs Battalion (Airborne).
Education. Mr. Reilly received his J.D. from the University of Virginia Law School in 1999 (Virginia Law Review; Order of the Coif (the national honor society for law students)) and his A.B. from Stanford University in 1991 (Quantitative Economics and Public Policy).
Banking & Financial Services Policy Report, July 25, 2013
Independent Banker Magazine, May 2, 2013
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