Elizabeth L. McKeen

Partner

Elizabeth Lemond McKeen is a partner in O’Melveny’s Newport Beach office and a member of the Financial Services Practice. She represents mortgage lenders, servicers, banks, credit reporting agencies, and other financial services institutions in complex civil litigation and regulatory enforcement actions nationwide. Liz has litigated numerous matters under the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Real Estate Settlement Procedures Act, the Fair Housing Act, the Equal Credit Opportunity Act, the Truth In Lending Act, the Gramm-Leach-Bliley Act, the National Flood Insurance Act, the bankruptcy code, and the consumer protection statutes of nearly every state. Liz also has extensive experience litigating cases involving California Business & Professions Code Section 17200 and the Consumer Legal Remedies Act.

In 2012, Liz was named by Law360 as one of five Rising Stars Under 40 nationwide in the field of class actions. In 2013, the Daily Journal selected Liz as one of California’s “Top 20 Under 40.” In addition to litigation, Liz provides strategic regulatory and compliance counseling, with a focus on mortgage servicing and foreclosure-related issues.

Illustrative Professional Experience

• Representing reverse mortgage originator and servicer in putative class action involving lender placed flood insurance;
• Representing mortgage servicer in lender placed insurance investigation by state regulatory agency; 
• Representing mortgage servicers regarding residential foreclosure compliance issues, including compliance with OCC and OTS consent orders;
• Representing subprime mortgage originator in lending discrimination enforcement actions and investigations by state attorneys general;
• Representing subprime mortgage originator and servicer in putative nationwide fair lending class action;
• Representing mortgage servicer in SEC investigation involving disclosures relating to mortgage-backed securities;
• Representing mortgage servicer 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;
• Represented nation’s top life settlement provider in complex antitrust litigation;
• Represented mutual insurance company in putative class action alleging unfair business practices in connection with the payment of dividends.

Recent Successes

• Obtained decertification of nationwide class of African American borrowers in mortgage lending discrimination disparate-impact case;
• Obtained summary judgment in favor of mortgage servicer in declaratory judgment action against trustee, seeking right to perform loan modifications;
• Obtained summary judgment in putative consumer fraud action involving termination of co-branded credit card rewards program;
• Obtained 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;
• Obtained dismissal of claims against mortgage servicing company alleging unfair practices in connection with lender placed flood insurance;
• Obtained judgment on the pleadings for financial institution on grounds that state law unfair competition claims were preempted by federal law.

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 mortgage and credit transactions.

Professional Activities

Admitted to Practice, U.S. District Courts for the Central, Eastern, Southern, and Northern Districts of California; U.S. District Court for the Northern District of Illinois; U.S. Courts of Appeal for the Third, Sixth, Seventh, Ninth, and Tenth Circuits
Board Member, Orange County Association of Business Trial Lawyers
Editor, Federal Bar Association, Orange County Newsletter (2002-2005)
Co-Author, "Mortgage Underwriting - The Qualified Mortgage and Ability to Repay Rules," The Banking Law Journal (October 2012, with Trevor Lain and Dixie Noonan); "The Credit Crisis: Give History Some Credit," National Law Journal (September 15, 2008) (with Brian P. Brooks)
Honors, Named a “Rising Star” in the field of class actions by Law360 (2012); named a “Rising Star” in a survey conducted by Law & Politics Media Inc. and published in Los Angeles magazine and the Southern California edition of Super Lawyers (2006, 2007, 2008)