Richard E. Hagerty

Of Counsel

Tysons Corner
Business Phone: 703.734.4326
Business Fax: 703.448.6520

richard.hagerty@troutmansanders.com

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Richard Hagerty is a member of the firm’s Bankruptcy and Business Litigation practices, and of the Real Estate Loan Workout, Creditor’s Rights and Distressed Assets practice. Rich has represented secured and unsecured creditors for almost three decades in business bankruptcies, pre-bankruptcy workout negotiations, judicial and non-judicial actions to enforce their rights and exercise their remedies, and litigation to defend secured and unsecured creditors against lender liability and similar claims brought by debtors.

Rich has handled dozens of real estate foreclosures in Maryland, Virginia and the District of Columbia, as well as numerous Article 9 foreclosures of personal property in these and other jurisdictions. He has represented a number of creditors in receivership proceedings brought pursuant to both state and federal law.

Rich has an active civil litigation practice focused on representing businesses and business persons with contract and other disputes. In this capacity he often acts as local counsel in matters pending in the state and federal courts of Maryland, Virginia and the District of Columbia.

Representative Matters

  • Lead counsel for a national financial institution in obtaining a receiver over a 200+ unit multi-family apartment building developed with historic tax credits. Representation included successful prosecution of debt action and preparation and filing of civil fraud claims against guarantor of borrower’s obligation.
  • Lead counsel for national financial institution in single asset real estate Chapter 11 cases filed by related entities with cross-collateralized loans. Prosecuted motions for relief from stay and ultimately negotiated settlement resulting in dismissal of bankruptcies, appointment of a receiver over the properties, and sale of properties on terms acceptable to client.
  • Representation of health insurer in negotiations with asset purchaser regarding payment of premiums owed by debtor for group policies rejected in bankruptcy, but impacting debtors’ employees, who were hired by asset purchaser.
  • Lead counsel for coal company that has contracts with several debtors in large chapter 11 proceedings filed by another coal company and its affiliates. Representation included review of client’s contracts, analysis of debtors’ reorganization efforts, and protection of client’s interests in its contracts subject to various asset sales initiated by debtors.
  • Representation of national financial institution in connection with multiple cross-collateralized real estate loans to related real estate developers who filed for bankruptcy to avoid foreclosure. Litigated issues relating to single asset real estate status of debtors and debtors’ attempts to substantively consolidate 3 separate cases. Ultimately negotiated refinance and restructuring of indebtedness through chapter 11 plans.
  • Representation of national title insurance underwriter in defense of negligence claim by developer of residential real estate. In a case of first impression Rich successfully persuaded Maryland’s highest appellate court that underwriter could not be held vicariously liable for the negligence of its agents in searching title.

Presentations and Speaking Engagements

  • Faculty, “Virginia Foreclosures and Workouts,” National Business Institute, April 17, 2012.
  • Faculty, "Understanding Identity Theft: Why Every Individual's Nightmare Should Be Every Business’s Concern," Lorman Education Services teleconference, October 16, 2007.
  • Faculty, "A Privacy Law Primer: What Every Attorney, Compliance and Security Officer Should Know," Lorman Education Services teleconference, June 26, 2007.
  • Faculty, "Federal Regulation of Privacy and Data Security: Ready or Not?" Tysons Corner, VA, Washington Metropolitan Area Corporate Counsel Association February 2007.
  • Faculty, "Leading the Way in Privacy & Data Security Compliance," San Diego, CA, Association of Corporate Counsel Annual Meeting, October 2006.
  • Faculty, "Information Security: Handling Compliance and Managing Breaches," The Homestead, VA, Virginia Bar Association, Business Law and Intellectual Property and Information Technology Law Sections, July 2006.
  • Faculty, "Understanding the Bankruptcy Reform Act of 2005 in Virginia," Arlington, VA, Lorman Education Services, 2005.
  • Faculty, "Advanced Judgment Enforcement in Virginia," Arlington, VA, Lorman Education Services, 2005.
  • Faculty, "How to Obtain Good Title in Virginia Real Estate Transactions," Fairfax, VA, NBI, 2005.

Publications

  • Co-Author, "What's Yours is Yours," summary of Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Common Ground, Vol. XXII, No. 1 (January/February 2006).

Professional and Community Involvement

  • Member, Character Committee, 7th Appellate Circuit, Court of Appeals of Maryland, 1995 to present.
  • Civil Mediator, Multi-Door Dispute Resolution Division, D.C. Superior Court, 1995 to present.
  • Rich has been a frequent faculty member on seminars for lawyers and non-lawyers on issues involving bankruptcy, creditor’s rights, title insurance, and real estate-related litigation.

Rankings and Recognition

  • Rich has consistently achieved Martindale-Hubbell’s highest ranking for legal ability and ethical standards.
  • Rich received the Pro Bono Service Award from the Montgomery County, Maryland Bar Foundation in 1995.
Clerkship
  • Clerk, The Honorable Irma S. Raker (Ret.), Circuit Court for Montgomery County, Maryland, 1985-1986.

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Education

  • The George Washington University, J.D., with honors, 1985
  • Michigan State University, B.A., with honors, 1981

Bar Admissions

  • 1985 Maryland
  • 1987 District of Columbia
  • 2002 Virginia

Court Admissions

  • 1990 U.S. Court of Appeals for the Fourth Circuit
  • 1990 U.S. Court of Appeals for the District of Columbia Circuit
  • 1988 U.S. District Court for the District of Maryland
  • 1990 U.S. District Court for the District of Columbia
  • 2002 U.S. District Court for the Eastern District of Virginia
  • 2007 U.S. District Court for the Western District of Virginia
  • 1988 U.S. Bankruptcy Court for the District of Maryland
  • 1990 U.S. Bankruptcy Court for the District of Columbia Circuit
  • 2002 U.S. Bankruptcy Court for the Eastern District of Virginia
  • 2007 U.S. Bankruptcy Court for the Western District of Virginia