Alan Kaufman, Left, and Kimberly Pierro, Right
As we are all too aware, we are in the midst of another financial crisis, with the Great Recession not even a distant memory. The cause of the current financial crisis is a viral pandemic, and while no one seems to be claiming that banks caused COVID-19, the ripple effects of the financial strain and attempted cures may give rise to legal risk not unlike that which was seen immediately following the Great Recession. However, there are several parallels to be made and lessons to be learned from 2008 that financial institutions can apply now and avoid potential pitfalls.
