Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

This premium content is locked for
Litigation Daily subscribers only.

Already have an account?
Interested in customizing your subscription with Law.com access?
Contact our Sales Professionals at 1-855-808-4530 or send an email
to [email protected] to learn more.

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.

More from this author


Health Care Fraud: Enforcement and ComplianceBook

Health Care Benefits Law explains how current laws affect the design and day-to-day administration of health care plans. It also helps you identify and deal with hid...

Get More Information

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.