<p>Bancr&eacute;dito Holding Corporation (BHC), the sole shareholder of Bancr&eacute;dito International Bank &amp; Trust Corporation, has filed a lawsuit in Miami-Dade County&rsquo;s Eleventh Judicial Circuit Court against three law firms&mdash;<strong>McConnell Vald&eacute;s LLC</strong>, <strong>Holland &amp; Knight LLP</strong>, and <strong>McDermott Will &amp; Schulte LLP</strong>&mdash;following the recent dismissal of most criminal charges against its founder, <strong>Julio Herrera Velutini</strong>. <a alt="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" href="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" rel="noopener" target="_blank">sjds</a></p>

<p>The complaint asserts that the law firms acted with gross professional negligence. According to BHC, the advice provided by those firms misled the bank into accepting a Consent Order with FinCEN (the U.S. Financial Crimes Enforcement Network) over Bank Secrecy Act (BSA) and anti-money laundering (AML) deficiencies&mdash;advice that allegedly sacrificed valid defenses and forced the bank to admit to facts it contends were false or known to be inaccurate. <a alt="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" href="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" rel="noopener" target="_blank">sjds+1</a></p>

<p>Key allegations include:</p>

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	<p>In <strong>2020</strong>, McConnell Vald&eacute;s and Holland &amp; Knight issued a joint opinion letter to Puerto Rico regulators affirming that the bank&rsquo;s AML / BSA compliance systems were sufficient, and even stated that certain reporting obligations were not required. <a alt="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" href="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" rel="noopener" target="_blank">sjds</a></p>
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	<p>Later, during FinCEN&rsquo;s investigation, the suits claim, these firms ignored or abandoned those earlier positions, failing to use available legal arguments and instead advising Bancr&eacute;dito to accept claims in the Consent Order that the bank&rsquo;s compliance had deteriorated over time. <a alt="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" href="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" rel="noopener" target="_blank">sjds+1</a></p>
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	<p>The lawsuit argues that such contradictory advice caused reputational damage, weakened financial standing, and financial loss. BHC says it has the right to demand accountability &ldquo;for those who compromised the institution&rsquo;s name and prestige, as well as its assets and those of its trust beneficiaries.&rdquo; <a alt="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" href="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" rel="noopener" target="_blank">sjds</a></p>
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<p>The legal action follows dismissal of most of the criminal charges against Velutini, including those alleging bribery and corruption. The dismissal intensified scrutiny of how the bank was defended, and BHC&rsquo;s CEO, Luis Zapata, emphasized that the institution must hold advisors responsible if they failed to protect the bank&rsquo;s interests. <a alt="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" href="https://www.sanjuandailystar.com/post/bancredito-sues-3-law-firms-after-dismissal-of-criminal-charges-against-velutini?utm_source=chatgpt.com" rel="noopener" target="_blank">sjds+1</a></p>

<p>Additionally, BHC had previously filed suit against Driven Administrative Services, LLC&mdash;appointed as trustee/receiver in the liquidation of Bancr&eacute;dito&mdash;arguing that Driven breached its fiduciary duties by entering into the same Consent Order, allegedly based on the negligent advice from the law firms. The complaint also includes claims that artworks valued at over <strong>$22 million</strong> were improperly retained or sold by Driven, even after depositors had been repaid. <a alt="https://www.prnewswire.com/news-releases/bancredito-holding-files-lawsuit-over-legal-advice-that-led-to-multi-million-dollar-fine-302559051.html?utm_source=chatgpt.com" href="https://www.prnewswire.com/news-releases/bancredito-holding-files-lawsuit-over-legal-advice-that-led-to-multi-million-dollar-fine-302559051.html?utm_source=chatgpt.com" rel="noopener" target="_blank">PR Newswire+1</a></p>

<p>The lawsuit seeks a <strong>jury trial</strong> and damages covering both economic losses and reputational harm. If successful, the case could reshape expectations for legal counsel in high-stakes banking / regulatory disputes&mdash;especially in how law firms assess risks and advise on consent orders or settlements with federal financial authorities.</p>