WILMINGTON, Del., Jan. 12, 2015 /PRNewswire/ -- Grant & Eisenhofer announced today that departing Delaware Attorney General Joseph R. "Beau" Biden III is joining the firm as of counsel. He will be based in G&E's Wilmington office.
"We are thrilled to welcome Beau Biden to G&E. During his eight years as AG, Beau led a number of significant justice-based initiatives, including his key role in the historic global settlement with the country's largest banks in bringing financial relief to Delaware homeowners and others harmed by the subprime mortgage crisis," said co-managing director Stuart Grant.
"Beau was at the forefront of legal actions brought nationally against shady mortgage issuance that caused the collapse of the U.S. housing market," he added. "And he pursued major ratings agencies, financial institutions, insurance companies and other parties for their own misconduct with borrowers and investors. Given our long advocacy on behalf of shareholders and investors damaged by corporate fraud and malfeasance, Beau's successful record of service, enforcement and tangible results align perfectly with those of our firm. Our clients will benefit enormously from his experience."
Mr. Biden commented on his move. "I've known Stuart and Jay Eisenhofer for many years and have watched as their firm has grown into one of the nation's preeminent champions for investors, serving many of the same constituents and causes I worked for as attorney general. It's been a great privilege and honor to serve the citizens of Delaware the past eight years and I feel my record and commitment to justice will translate well into private practice at Grant & Eisenhofer."
Mr. Biden has been in public service for most of the past two decades. From 1995-'97, he served as counsel in the Office of Policy Development at the Department of Justice, working on anti-violence issues related to women, the illegal use of handguns and the exploitation of children. From 1997-2002, he was a federal prosecutor in the U.S. Attorney's Office in Philadelphia, leading multiple criminal cases and investigations including those related to financial wrongdoing.
Mr. Biden became Delaware's 44th Attorney General in 2006 and quickly drew from his experience at DOJ to improve anti-violence enforcement and protection measures against vulnerable populations. One of his first official acts in 2007 was creation of the Delaware's Child Predator Task Force, which helped police and prosecutors coordinate efforts to track and arrest individuals seeking to harm children. Mr. Biden worked with the state General Assembly to impose mandatory prison sentences for those caught in possession of child pornography – the task force has since been credited with hundreds of convictions.
With a tenure that coincided with the financial crisis, Mr. Biden took numerous steps to assist homeowners facing default. His office created a series of workshops to educate homeowners on alternatives to foreclosure and to seek viable assistance. In 2012, he established the Office of Foreclosure Prevention and Financial Education, along with the Delaware Mortgage Mediation Program. The latter provides homeowners a chance to meet directly with lenders to negotiate options for keeping their residences.
He was also credited with going after central players contributing to the housing crisis. As a leader in the 2012 national settlement with the country's biggest subprime lenders, Mr. Biden created more than $75 million in financial benefits for Delaware homeowners and other victims of the crisis. In 2013, he struck an additional $20 million settlement with JP Morgan Chase over its failure to disclose the actual risk of mortgage-backed securities sold to investors.
Mr. Biden gained national exposure at the 2008 Democratic National Convention, when he eloquently introduced his father Joe after the elder Mr. Biden had been nominated for Vice President. Recounting how his father committed himself to his children after the death of their mother, it was considered one of the high points of the convention.
Mr. Biden earned his law degree from Syracuse University and his B.A. from the University of Pennsylvania. Since 2003, he has been a member of the Delaware Army National Guard and holds the rank of Major in the Judge Advocate General Corps.
About Grant & Eisenhofer
Established in 1997 Grant & Eisenhofer has become one of the nation's top litigation firms representing institutional investors in securities actions, corporate governance disputes, appraisal litigation, M&A challenges and other cases holding large corporations and boards of directors accountable. The firm has more than 70 attorneys, with offices in Wilmington, New York and Chicago, and an international docket of high-profile cases.
G&E's clients include institutional investors, whistleblowers and other stakeholders in securities class actions, derivative lawsuits, consumer class actions, antitrust suits, bankruptcy litigation and whistleblower cases involving the False Claims Act. The firm has recovered more than $28 billion in the last 10 years and consistently has been cited by RiskMetrics for securing the highest average investor recovery in securities class actions. Grant & Eisenhofer has been named one of the country's top plaintiffs' law firms by The National Law Journal for the past eight years. G&E was recently named one of the nation's Most Feared Plaintiffs Firms by Law 360. For more information, visit www.gelaw.com.
SOURCE Grant & Eisenhofer