Understanding Lender Liability with Help from a Litigation Support Specialist
When a borrower or prospective borrower sues a lender for alleged breach of contract, violation of state/federal statutes, or wrongful behavior, it’s called lender liability. That is where financial expert witnesses such as Michael F. Richards can help attorneys making cases as a litigation support specialist.
There are many complexities surrounding liability, but a lender (bank or other financial institution) might become liable when it’s failed to do any of the following:
Act in Good Faith
Taken on a Controlling Interest in Borrower’s Business Operations
Misrepresented or Withheld Material Facts
Has Broken the Law in Relation to the Borrower
A litigation support specialist can help you understand when you have legitimately encountered these violations and seek legal remedy. An attorney will usually approach a financial expert witness for these types of court cases, which is Michael F. Richards’ field of expertise. The law on lender liability has changed and evolved, which benefits the borrower in that they can hold lenders accountable for any discrepancies. There are a few more liability areas to consider on the attorney’s end when a lender will be responsible to a borrower when they allege liability based on: