e financial industry is interwoven with numerous state and federal regulations. They maintain the stability of deposits and withdrawals. In addition, they set up an escalation policy when debt is not paid back.
Issues may arise where a bank representative needs to go to court, as either the plaintiff or defendant, to resolve ongoing issues. If these problems can’t be resolved at the negotiating table, then they may, unfortunately, reach a judge or jury trial. In this circumstance, the attorneys handling the case may seek expert testimony to shore up their case.
Enter the banking expert witness. This is an individual who is or was part of the industry and can provide detailed information on the case. Some experts, like Michael F. Richards, have knowledge across many sectors of commercial and personal financing. Others are well-versed on a single aspect.
The Importance of a Banking Expert Witness
Though the team of attorneys may be excellent, the expert witness gives them an extra level of importance. Since they have in-depth knowledge about a certain aspect, they can help fill in the blanks. And, upon cross-examination, they are able to provide the required answers in a calm, reasonable manner.
Expert Testimony and Settlements
In some situations, the mere mention of an expert witness can cause the other side to reach out for a settlement. And, should the case go to trial, the knowledgeable testimony can sway a judge or jury to rule in favor of one party or another.
What to Look For in a Banking Expert Witness
When selecting an expert witness, you want to ensure they know their information. While you may rely on the attorney’s recommendations, you also want to see how they work. If needed, sit in on a trial they are involved with.
You and the attorneys should feel confident the expert witness will testify to the best of their ability and be unbiased in their statements. Once assured, you can let the expert work on your case.