Better Markets to Unveil Lawsuit Aimed at Wall Street Accountability

Dennis Kelleher, president of Better Markets, will unveil a lawsuit aimed at “Wall Street accountability” during a press conference at the National Press Club on Monday.

Better Markets spokesperson Jake Leon would not reveal details of the lawsuit ahead of the press conference.

Kelleher is a former litigation partner at Skadden, Arps, Slate, Meagher & Flom.

Kelleher has been sharply critical of the failure of the Justice Department to criminally prosecute major Wall Street banks and their executives.

“I hope that the Attorney General is finally serious about prosecuting Wall Street, but it’s hard not to be skeptical after five years of inexcusable failure to bring a single criminal action against the wealthy, powerful and politically well-connected too-big-to-fail Wall Street banks for conduct related to causing the worst financial crash since 1929, which caused the worst economy since the Great Depression,” Kelleher said last month.

“The Attorney General’s statement that no individual or firm is ‘too big to indict’ is contradicted by the Department of Justice’s recent failure to indict JP Morgan Chase or any of its subsidiaries, executives, officers or other staff for numerous illegal and criminal actions. His statement that ‘we have brought charges against thousands of people,’ is true, but misleading because those charges were mostly against small time individuals and firms, as 60 Minutes, Frontline and others have demonstrated.”

“Sure, they should have been prosecuted, but that’s not prosecuting the too-big-to-fail banks on Wall Street and their executives,” Kelleher said.

“Those facts prove the double standard of justice that Attorney General Holder and the Department of Justice have created in the United States where the too-big-to-fail Wall Street banks use shareholders’ money to buy their way out of criminal prosecution, but they throw the book at everyone else. The American people see when government officials say one thing, but do another. They know that actions, not words, count.  The time for empty promises has passed. The Justice Department needs to focus on prosecutions, not public relations.”

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