On January 17, 2017, Michael Bresnick was named independent Monitor of the Consumer Relief portion of the Settlement Agreement between the United States Department of Justice (DOJ) and Deutsche Bank AG, as well as its current and former subsidiaries and affiliates and ACE Securities Corp. The Settlement Agreement resolves claims related to the Bank’s packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) between 2006 and 2007. The settlement requires Deutsche Bank to pay a $3.1 billion civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), and provide $4.1 billion in relief to underwater homeowners, distressed borrowers and affected communities. As Monitor, Mr. Bresnick will:
Mr. Bresnick is a partner at Venable LLP in Washington, DC, where he is Chair of the Financial Services Investigations and Enforcement Practice. Prior to Venable, Mr. Bresnick served for 10 years in the U.S. Department of Justice from 2003-2013, the last two as Executive Director of the Financial Fraud Enforcement Task Force. In this role, Mr. Bresnick served as a top advisor to the U.S. Attorney General and led the largest interagency coalition ever assembled to combat financial fraud. Mr. Bresnick worked with leaders across multiple agencies to rein in financial industry misconduct, establish guidance and priorities, and drive enforcement initiatives in significant securities fraud, fair lending, mortgage fraud, consumer fraud, and other matters.
Mr. Bresnick previously worked as an Assistant Chief in the Fraud Section of DOJ’s Criminal Division, where he supervised a team of attorneys in the investigation and prosecution of financial crimes including mortgage fraud, bank fraud, investment fraud and grant and procurement fraud, among others. Prior to that, he served as an Assistant U.S. Attorney in the criminal division of the U.S. Attorney’s Office for the Eastern District of Pennsylvania, one of the largest in the country.