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A quartet of firms—Gibbons P.C.; Kirkland & Ellis; Klingeman Cerimele; and Paul Hastings—won a stunning reversal of criminal convictions for four executives of Wilmington Trust Corp. in a case dating back to the Great Recession. The executives were charged with making false statements to the U.S. Securities and Exchange Commission and the Federal Reserve by excluding certain commercial real estate loans from those it reported as “past due.” The U.S. Court of Appeals for the Third Circuit this week tossed the convictions on Tuesday finding that the definition of when a loan is “past due” was ambiguous, and in such cases the government bears the burden of proving falsity under each objectively reasonable interpretation of a reporting requirement. George Hicks of Kirkland, Lawrence Lustberg of Gibbons and Klingeman Cerimele’s Henry Klingeman handled oral arguments at the Third Circuit for the defendants. Kenneth Breen and Phara Guberman of Paul Hastings, meanwhile, have represented former Wilmington Trust CFO David Gibson for more than 10 years, including at trial.

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Ross Todd

Ross Todd is the Editor/columnist for the Am Law Litigation Daily. He writes about litigation of all sorts. Previously, Ross was the Bureau Chief of The Recorder, ALM's California affiliate. Contact Ross at [email protected] On Twitter: @Ross_Todd.

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