Elizabeth L. McKeen

Partner

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McKeen Liz 2

Elizabeth Lemond McKeen, Co-Chair of O’Melveny’s Financial Services Practice, represents mortgage lenders, servicers, banks, credit reporting agencies, and other financial services institutions in their most high-stakes matters. Liz handles complex civil litigation, including class actions, regulatory enforcement actions, qui tam matters and appeals. In addition to litigation, Liz provides strategic regulatory and compliance counseling, with deep expertise in the areas of fair lending, consumer bankruptcy, mortgage origination and servicing, and foreclosure-related matters.

The Daily Journal selected Liz as a “Top Woman Lawyer” in 2016, and Law360 named her as one of five Rising Stars Under 40 nationwide in the field of class actions.

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Honors & Awards

  • Recognized by The Legal 500 US for Financial Services Litigation (2017-2021)
  • Named a “Top Woman Lawyer” by the Daily Journal (2016)
  • Named one of California’s “Top 20 Under 40” by the Daily Journal (2013)
  • 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, 2015, 2016)

Admissions

Bar Admissions

  • California

Court Admissions

  • US Court of Appeals for the First, Third, Fourth, Sixth, Seventh, Ninth, Tenth and Eleventh Circuits
  • US District Court for the Central, Eastern, Northern and Southern Districts of California
  • US District Court for the District of Colorado
  • US District Court for the Northern District of Illinois
  • US District Court for the Eastern District of Texas

Education

  • University of Virginia, J.D., 2001: Managing Board, Journal of Law and Politics
  • Brown University, B.A., 1998, Psychology

Professional Activities

Board Member

  • Orange County Association of Business Trial Lawyers 
  • Federal Bar Association, Orange County

Co-Author

  • Contributed Chapter 53B, Financial Technology for the treatise “Successful Partnering Between Inside and Outside Counsel,” published by Thomson Reuters and the Association of Corporate Counsel, co-authored with Brian Brooks (2019)
  • “Robust Causality and Cautionary Standards: Why the Inclusive Communities Decision, Despite Upholding Disparate-Impact Liability, Establishes New Protections for Defendants,” The Banking Law Journal, co-authored with Bimal Patel and Ashley Pavel (November 2015)
  • “Defending Against Unfairness Claims Disguised As Consumer Fraud Theories: Lessons For Practice,” Inside the Minds: Mortgage and Finance Fraud Litigation Strategies, 2014 ed. (co-authored with Danielle Oakley and Carmen Ramirez)
  • “The Latest Standing to Foreclose Challenges at Odds with UCC Article III,” 45 U.C.C. L.J 321, May 2014 (co-authored with Danielle Oakley and Ashley Pavel)
  • “Mortgage Underwriting - The Qualified Mortgage and Ability to Repay Rules,” co-authored with Trevor Lain and Dixie Noonan The Banking Law Journal (October 2012)
  • “The Use of Eminent Domain To Write Down Mortgage Notes,” Westlaw Journal Securities Litigation & Regulation, co-authored with Danielle Oakley and Ashley Pavel (December 2012)
  • “The Credit Crisis: Give History Some Credit,” National Law Journal, co-authored with Brian P. Brooks (September 15, 2008)
  • Lead counsel for federally chartered financial institution in qui tam case relating to loan modification and other loss mitigation programs;
  • Lead counsel for major credit reporting agency in putative class action relating to CARES Act obligations;
  • Obtained dismissal of age-related discrimination claims in putative class action against large bank in connection with fee waivers for student customers;
  • Represented mortgage servicers regarding residential foreclosure compliance issues, including compliance with OCC and OTS consent orders; 
  • Achieved favorable settlement of major qui tam False Claims Act litigation against non-bank mortgage servicer involving payments under HAMP loan modification program;
  • Obtained summary judgment in FCRA class actions seeking millions of dollars in penalties relating to automated mortgage underwriting software;
  • Successfully argued numerous contested matters on behalf of the Puerto Rico Fiscal Agency and Financial Advisory Authority in Puerto Rico’s historic Title III restructuring proceedings;
  • Secured dismissal of fair lending claims brought by major municipality against large bank mortgage originator;
  • Negotiated precedent-setting consent order with CFPB and FTC in threatened joint enforcement action against major non-bank mortgage servicer;
  • Achieved dismissal of putative lender placed insurance class action against national bank on preemption grounds;
  • Obtained decertification of nationwide class of 129,000+ African American borrowers in mortgage lending discrimination disparate-impact ECOA/FHA case;
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