Wall Street's Secret Club for Top Bank Lawyers

The transcript discusses a secretive club of top legal officers from major banks, founded by Bob Mundheim. The club meets annually to discuss corporate governance and legal issues, including class action settlements. Members benefit from networking and sharing strategies, especially in joint defense against regulatory actions. The club's informal nature allows for candid discussions and collaboration.

How do the banks typically respond to class action suits according to the text?

What is the significance of being the first mover in the context of settlements?