The financial industry has been experiencing a dramatic up-tick in litigation due to the economic recession. With record high defaults foreclosures and the extreme devaluation of property and assets people have turned to lawsuits as one option to mitigate their financial losses. In anticipation of these issues lenders should take a proactive approach and develop legal hold policies and procedures. You may be tempted to push the creation of a legal hold policy off until a matter actually occurs. However if you do it could ultimately cause more damage to your organization. Take the time now to prepare develop the procedures identify and train your legal hold team. Your bank will be spared a lot of trouble later.

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