In recent weeks, media outlets have been awash with reports about the lawsuit filed by the City of Philadelphia against Wells Fargo & Co. at the US District Court for the Eastern District of Philadelphia. The city claims that the bank failed to abide by the Fair Housing Act of 1968. It is alleged that Wells Fargo used predatory lending practices that targeted minority mortgage borrowers.
The bank has denied the allegations by stating that all its business practices are fair and therefore, the allegations made by the city are unsubstantiated. This is not the first major scandal to rock the San Francisco- based bank. The institution is still recovering from a 2016 scandal that involved its senior employees opening bogus accounts using clients’ names.
Debunking the Lawsuit
Prominent attorney Karl Heideck sought to debunk the allegations brought against the bank by the city. According to him, the city’s claim are substantial because Wells Fargo used a fraudulent lending strategy that made it difficult for mortgagors to refinance their mortgages. As a result, they had to put up with higher mortgage rates. This forced a number of them into foreclosure. The financial institution is yet to file a legal rejoinder to the lawsuit.
Karl Heideck in Brief
The Philadelphia-based attorney has had a successful career spanning more than 10 years in the legal field. His areas of specialization are commercial litigation, risk management, and corporate compliance. Karl is an alumnus of Temple University James Beasley School of Law from where he graduated with honors. He similarly holds a B.A in English and Literature from Swarthmore College. Since he started practicing, Mr. Heideck has won hundreds of cases on behalf of his clients. This is mainly attributed to his passion and in-depth legal knowledge.
At the moment, Karl is an attorney at Grant & Eisenhower PA, a notable law firm in Philadelphia. Here, he mainly handles complex banking litigation, security fraud, and mergers and acquisition cases. Prior to this, he was an attorney at Pepper Hamilton LLP, another equally prominent law firm. Mr. Heideck is affiliated with Hire Council. When not representing clients or giving legal advice, Karl revels in sharing his insights about various legal topics.
Even though litigation attorneys might represent real estate firms, criminal status clients, or even those who are filing claims for personal injury, whenever someone refers to a litigation attorney they are generally referring to civil issues. These are the kinds of attorneys whose responsibility it is to prepare cases for trials. Be that as it may, a majority of cases that they prepare don’t actually go to trial. Just about 90% never make it that far. This is due to the fact that most cases are settled out of court. Defendants will often take a plea deal, in the case of criminal cases. Settlements are often accepted by those who are suing due to personal injury, real estate, or another type of civil case. These cases can usually be dealt with between the plaintiffs and others involved.
Most successful law firms will employ several litigation employees at one given time. There are those who would work in private practice, while others would work in boutique firms. It’s the larger firms that have sub-departments meant for litigation lawyers specifically ranging on case types such as real estate, patents, business specific, and many other sub categories of law. You will find that the majority of litigation lawyers work in the private sector, but there are those few who work also for the government. Majority of these types of governmental litigation lawyers will work as criminal type lawyers and as prosecutors or even district attorneys. Despite this, civil litigators will work within municipalities and are scattered about several U.S. attorneys’ offices in different jurisdictions.
There are even those corporations that grow to such a grand size that they can afford their own litigators. This also includes big banks and other kinds of financial institutions that might require that type of expertise. This also includes some insurance companies. These large companies may have entire teams of lawyers working on one case at any given time, with one or more senior level attorneys placed in leader roles.Karl Heideck offers a few tips on success as a litigator. He’s always had this drive to see others succeed and suggests that those who get into this line of work go into it with a positive mindset and a willingness to employ respectable qualities. This includes having a mindset of humbleness, kindness, and true honesty. He’s actually released a guide for purchase for those who are new to litigation and wish to succeed in their career. Within the guide, it’s emphasized that you need these types of qualities to get ahead, as well as the innate ability to build lasting connections. He describes these connections you make and the bridges you build as invaluable commodities that you should always treasure, in order to get ahead. Learn More.