Banking & Lending Law Expert Opines on LLC Lending Dispute

Joseph O'Neill

Written by
— Updated on January 5, 2018

Banking Expert WitnessThis case involves a defendant bank and a plaintiff law firm which have entered into a dispute over the payment required for services rendered by the law firm. The plaintiff law firm alleges that it is owed unpaid legal fees, while the defendant bank asserts that the plaintiff firm failed in its responsibility to represent the bank, to draft adequate loan documentation, or to uphold their fiduciary duty to the defendant. The plaintiff, which had presented itself as an expert in providing legal services regarding banking and commercial loan documentation, was engaged by the defendant to prepare loan documentation for a $15 million loan to an LLC that was originated by the defendant. The bank alleges that the law firm did not properly document the loan. Allegedly, one of the executive directors of the LLC was able to borrow money from his company while it still owed a considerable sum to the bank. The case was complicated by the intertwined relationship of the bank and law firm; the firm had allowed one of its associates to open a personal account with the bank, and the bank alleged that the lawyer owed an excessive amount to the bank in overdraft fees. With the case and interpersonal relationship between the firms at stake, an expert well-versed in the complexities of financial regulation and representation was needed in the case.

Question(s) For Expert Witness

  • 1. Please describe your experience advising lenders on commercial transactions.
  • 2. Can you testify to the standard of care and fiduciary duty owed to a commercial lender by the attorneys preparing the relevant loan documentation?

Expert Witness Response E-063483

I have extensive experience in commercial lending as an attorney for both lenders and borrowers. Over the course of my career, I have executed all types of loans, ranging in value from a few hundred thousand to hundreds of millions of dollars. I am experienced with loans in the ~$15 million dollar range, and I can certainly assist with this case. The issues involved with a loan like this are not particularly complicated; I’ve seen this kind of thing happen a lot. I have made loans to all types of borrowers, domestic and international, including individuals, LLCs, partnerships, and corporations. I also have experience with loans using interest in proceeds and other securities as collateral.

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