John Foudy

He has successfully represented various insurance and banking institutions in cases and matters concerning multi-million dollar mortgage and real state fraud schemes, involving straw buyers, multi-party flipping schemes, claimed loan origination fraud; multi-million dollar fidelity insurance claims- some involving complex international commodities transactions, the Madoff Ponzi scheme and other investment Ponzi schemes and frauds; property insurance claims including mass catastrophe losses; fraudulent insurance claims and schemes; banking fraud cases—including check fraud, wire fraud and automated clearinghouse (ACH) schemes, and other checking and negotiable instrument issues involving UCC Articles 3, 4 and 4A as well as the NACHA Rules and other clearinghouse rules; commercial banking loan and mortgage workouts, including multi-million dollar defaulted commercial real estate and construction loans, and claimed predatory lending and other lender liability litigation involving both federal and state rules and regulations.

John also handles complex legal matters concerning enforcement of levies, subpoenas, legal process, and issues involving fund transfers and their interdiction, for national and other banks, including successfully defending class action litigation involving such issues. See, e.g., McCarthy v. Wachovia Bank, N.A., 759 F.Supp.2d 265 (E.D.N.Y.2011)).

Some of the reported cases John has handled include the following:

• Cumberland Packing Corp. v. Chubb Ins. Corp., 29 Misc.3d 1208(A), 958 N.Y.S.2d 306, 2010 WL 3991185 (N.Y. Sup. 2010) where John successfully obtained the summary dismissal of crime insurance claim arising out of the Madoff Ponzi scheme, arguing that the “authorized representative” exclusion barred coverage.
• Zarour v. Pac. Indem. Co., No. 23-1103-CV, 2024 WL 3289423 (2d Cir. July 3, 2024) where John, along with Pete Ragone, successfully argued that the plaintiffs/insureds provided no evidence to support their claim that the contested appraisal award was the result of fraud, bias, or bad faith.
• Cioffari v. Wells Fargo Bank, N.A., No. 18 CV 4650 (VB), 2019 WL 130577, at *1 (S.D.N.Y. Jan. 8, 2019) where John prevailed in arbitration against bank depositors who had disputed the actions taken by the bank in complying with legal process served on the bank by third party judgment creditor of such bank depositors.
• Wachovia Mortgage. v. Smoot, 478 B.R. 555 (E.D.N.Y. 2012) where John defeated an attempt to strip off a junior mortgage in a Chapter 7 Bankruptcy.
• David R. Maltz & Co., Inc. v. Wachovia Bank, N.A., 2010 WL 1286308 (E.D.N.Y. 2010) where John successfully defended against an auctioneer’s commission claim on the sale of a multi-million-dollar property after the United States Attorney’s office intervened in the sale causing the purchaser to back out.
• Lopes v. Mellon Investor Services LLC, 2007 WL 4258189 (S.D.N.Y. 2007) where John obtained the dismissal of claims brought by an allegedly defrauded stock transferee against a depository bank
• Elite Investigations v. Bank of New York, 2006 WL 3232185 (N.Y. Sup. 2006) where, in a case involving the application of the NACHA Rules, John successfully defended the bank with respect to a series of ACH debits originated by a depositor’s creditor and employee.
• Doural v. Bank of New York, 2005 WL 408050 (E.D.N.Y. 2005), in which John and Pete Ragone successfully defended and obtained summary judgment dismissing various claims and causes of action against the defendant bank for violations of the Truth-in-Lending-Act, Regulation Z, N.Y. General Business Law Deceptive Practices Act and Fair Debt Collection Practices Act allegedly arising from the origination of mortgage loans.

Outside of work, John is an avid puzzler and modeler and also enjoys a variety of outdoor activities, including bicycling and cross-country hiking.

John obtained his Juris Doctor degree, cum laude, from the University at Buffalo School of Law, where he was a member of the University of Buffalo Law Review. He earned a Bachelor of Arts degree from Binghamton University.