Elizabeth Lemond McKeen, Managing Partner of O’Melveny’s Newport Beach office and the Co-Chair of the Financial Services Practice, represents mortgage lenders, servicers, banks, credit reporting agencies, and other financial services institutions in their most high-stakes matters.
Liz handles complex civil litigation, including class actions, regulatory enforcement actions, qui tam matters and appeals. In addition to litigation, Liz provides strategic regulatory and compliance counseling, with deep expertise in the areas of fair lending, consumer bankruptcy, mortgage origination and servicing, and foreclosure-related matters.
The Daily Journal selected Liz as a “Top Woman Lawyer” in 2016, and Law360 named her as one of five Rising Stars Under 40 nationwide in the field of class actions.
In addition to being frequently quoted by publications, including the New York Times, Liz is a frequent speaker on emerging trends in class action litigation, including defense strategies in actions involving fair lending, mortgage and credit transactions.
- Achieved favorable settlement of major qui tam False Claims Act litigation against non-bank mortgage servicer involving payments under HAMP loan modification program;
- Secured dismissal of fair lending claims brought by major municipality against large bank mortgage originator;
- Negotiated precedent-setting consent order with CFPB and FTC in threatened joint enforcement action against major non-bank mortgage servicer;
- Achieved dismissal of putative lender placed insurance class action against national bank on preemption grounds;
- Obtained decertification of nationwide class of 129,000+ African American borrowers in mortgage lending discrimination disparate-impact ECOA/FHA case;
- Obtained summary judgment in favor of mortgage servicer in cutting-edge declaratory judgment action against trustee, seeking right to perform loan modifications;
- Representing mortgage servicer in putative class action relating to HAMP trial payment plan communications;
- Representing reverse mortgage originator and servicer in putative class action involving lender placed flood insurance;
- Secured summary judgment in putative consumer fraud action involving termination of co-branded credit card rewards program;
- Achieved dismissal of putative class action against servicer concerning borrowers’ rights under HAMP loan modification program;
- Obtained dismissal of putative class action against mortgage servicer regarding TILA disclosure requirements in connection with loan modifications;
- Represented mortgage servicers regarding residential foreclosure compliance issues, including compliance with OCC and OTS consent orders;
- Represented subprime mortgage originator in lending discrimination enforcement actions and investigations by state attorneys general;
- Represented mortgage servicer in SEC investigation involving disclosures relating to mortgage-backed securities;
- Obtained precedent-setting preemption decision from Seventh Circuit in multi-district litigation proceeding involving dozens of putative class actions concerning servicing conduct, including bankruptcy-related servicing practices;
- Representing mortgage servicer in third-party subpoena in action involving diligence performed in connection with mortgage-backed securities;
- Represented national credit bureau in then-largest nationwide privacy class action;
- US Court of Appeals for the First, Third, Fourth, Sixth, Seventh, Ninth, Tenth and Eleventh Circuits
- US District Court for the Central, Eastern, Northern and Southern Districts of California
- US District Court for the District of Colorado
- US District Court for the Northern District of Illinois
- US District Court for the Eastern District of Texas
- University of Virginia, J.D., 2001: Managing Board, Journal of Law and Politics
- Brown University, B.A., 1998, Psychology
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