The Rose Law Firm has agreed to pay the Federal Deposit
Insurance Corporation $210,911 to settle payment disputes arising
from the firm's representation of both the FDIC and the Resolution
Trust Corporation between 1987 and 1993.
The settlement resolves all outstanding billing disputes
between the FDIC and the Rose firm. The FDIC is the successor
in interest to the RTC, as well as the former Federal Savings and
Loan Insurance Corporation, which also had some payment issues
with the Rose firm. The FSLIC's claims were also resolved with
Some bills submitted by Rose had been questioned by the
Office of the Inspector General at both the RTC and the FDIC. A
review by the Legal Divisions at the two agencies confirmed the
findings of overpayments to the Little Rock, Ark.-based firm.
Following the initial disclosure of the overpayments, the
Rose firm provided partial reimbursements in the amount of
$41,314.37. However, a dispute arose regarding other payments.
That dispute was resolved with this settlement, resulting in a total
recovery of $252,225.37.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore
public confidence in the nation's banking system. The FDIC insures deposits
at the nation's 11,670 banks and savings associations and it promotes the
safety and soundness of these institutions by identifying, monitoring and
addressing risks to which they are exposed.
FDIC press releases and other documents are available on the Internet via the
World Wide Web at www.fdic.gov or through Gopher at gopher.fdic.gov. They
may also be obtained through the FDIC's Public Information Center, 801 17th
St., NW, Room 100, Washington, DC, ((703) 562-2200).