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The Anatomy of A Bank Sweep: What to Do After It Happens, And What You May Want to Try Before It Does
This presentation: defines "Bank Sweeps"; provides both the Bank's perspective and the Surety’s perspective; the underlying competing objective of mitigation of losses; taking a proactive approach; quantifying that portion of the sweep that came from bonded versus non-bonded contract revenues; priority interests as to each; and steps the Surety can take to go about protecting those interests.
We will also address practical ways to co-exist with banks and how to potentially achieve a win-win for both the Surety and the Bank as to the available Indemnitor funds, while avoiding protracted and expensive litigation (keeping in mind that the bank sweep may have already occurred before the Surety was contacted by the principal).The registration rate is $75 for DRI members and $150 for non-members.
DRI is the leading organization of defense attorneys and in-house counsel. Membership in DRI provides access to resources and tools for attorneys who strive to provide high-quality, balanced and excellent service to their clients and corporations. DRI is host to 29 substantive committees whose focus is to develop ongoing and critical dialogue about areas of practice. DRI provides access to resources and tools to grow your practice – members can search a database of more than 65,000 experts, attend renowned CLE seminars, conferences and webcasts, network with 22,000+ like-minded defense practitioners and more.