professionals
Practice Areas
Education
  • Northwestern University School of Law, J.D., 1979
  • Northwestern University, B.A., 1976
Bar & Court Admissions
  • State of Illinois
  • State of California
  • U.S. District Court - Northern District of Illinois (including Trial Bar)
  • U.S. District Court - Central District of Illinois
  • U.S. District Court - Southern District of Illinois
  • U.S. Court of Appeals - 7th Circuit
  • U.S. Court of Appeals - 8th Circuit

W. Scott Porterfield

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Partner
T. 312.984.3202
F. 312.984.3150

Scott is the co-chair of the firm’s litigation practice group and a member of the financial institutions group.  Scott focuses his practice on general commercial litigation, including: bank regulatory and enforcement matters; defending directors and officers of failed banks in FDIC actions; commodities and securities regulatory enforcement and civil actions; professional liability claims; directors and officers liability insurance matters; and employment and restrictive covenant matters. Scott also has experience in contract, trademark and telecommunications cases.

Scott coordinates the firm’s financial institutions related litigation and enforcement work. He has litigated enforcement actions brought by the FDIC, the OCC and state bank regulators. Scott has also defended banks in appraisal and valuation cases.

Scott advises corporate boards on internal investigations and conducts such investigations. He also works with corporate boards to ensure that claims are covered by directors and officers liability insurance.

Scott has served as a court-appointed receiver at the request of the SEC in a case of fraud by a private equity firm. Securities and Exchange Commission v. AA Capital Partners, Inc.

Representative Matters

  • In September 2013, Scott obtained a jury verdict in favor of Quad City Bank & Trust in Dubuque County, Iowa.  Quad City Bank & Trust v. Elderkin & Pirnie. Scott successfully represented the Bank in post-trial motions and obtained a judgment in December 2013, on the jury verdict. The suit involved the Bank's claim for legal malpractice.
  • On February 28, 2013, the Central District of Illinois issued an opinion in The Gifford State Bank v. Richardson, a favorable decision for Illinois banks and mortgage companies. Scott wrote an amicus brief for the Illinois Bankers Association.
  • In September 2012, Scott obtained a favorable settlement for a former director of Heritage Community Bank in a suit brought by the FDIC.  Federal Deposit Insurance Company v. Saphir (N.D. Ill.)
  • On June 28, 2012, the Illinois Appellate Court entered an opinion affirming dismissal of a class action complaint alleging negligence and breach of judiciary duty against a bank. Tucker v. Soy Capital Bank and Trust Company.
  • In an opinion issued by the Illinois Supreme Court on September 23, 2010, Scott obtained a multi-million dollar judgment in favor of a bank against an insurance company.  West American Insurance Company v. Yorkville National Bank.
  • In a decision rendered by the United States Court of Appeals for the Seventh Circuit on June 22, 2010, Scott obtained dismissal of a federal RICO suit against a bank client.  Jay E. Hayden Foundation v. First Neighbor Bank.
  • As the receiver for AA Capital Partners, Scott brought suit in the U.S. District Court for the Northern District of Illinois against the directors and officers of AA Capital, an SEC registered investment advisor, on a $60 million claim for violations of ERISA, breach of fiduciary duty, fraud and conversion arising out of the alleged misappropriation and misuse of investor funds.  On June 2, 2009, Scott obtained a consent judgment for $66 million with defendant John Orecchio.  Porterfield v. Orecchio, et al.

Professional Activities and Honors

  • 2013 Top Rated Lawyer in Banking & Finance Law, American Lawyer Media and Martindale-Hubbell™
  • Member, American Bar Association's Section of Litigation
  • Member, National Association of Federal Equity Receivers
  • Served as an arbitrator for the National Futures Association and the Chicago Mercantile Exchange
  • Phi Beta Kappa

Publications

Events & Speaking Engagements

News