Overview
Phil Hosp is a litigation partner who knows how to win in a courtroom, at the settlement table, or in arbitration. By understanding his clients’ business and objectives first, he provides pragmatic and creative strategic advice to financial institutions, including commercial and investment banks, direct lenders, private credit funds, and fintech companies in disputes, enforcement actions, and investigations.
Prior to becoming a lawyer, Phil served four years as a tank officer in the U.S. Army, where he achieved the rank of Captain and received the Bronze Star in one of his two tours in Iraq. Because of his education and real-world experience, Phil understands that organization, preparation, strategy, and speed are of the utmost importance in litigation. He fights hard for clients and seeks every opportunity to win cases early and fast.
For over a decade, Phil has represented clients in state and federal courts in complex commercial litigation involving lender liability and fraud, unfair or deceptive acts or practices, unfair competition, securities fraud, and consumer protection claims. He has also defended clients in investigations and litigation by the Securities Exchange Commission (SEC), the Federal Trade Commission (FTC), the California Department of Financial Protection and Innovation (DFPI), and various District Attorneys’ Offices throughout California. For example, in In re Sanctuary Belize Litig., Phil defended claims brought by the FTC alleging over $100 million in restitution and damages for allegedly deceptive marketing and sales involving a real estate development located in Belize.
Working closely with Foley transactional and intellectual property attorneys, Phil also reviews compliance programs, contracts, and lending policies through the lens of a litigator. By applying his business and finance litigation experience, he is able to anticipate and address possible regulatory issues and potential contractual or investment disputes. Throughout his career, Phil has been selected for inclusion in the Southern California Super Lawyers® Rising Stars lists (2014–2020) and authored publications relating to the regulation of mortgage-backed securities and credit rating agencies, which have been cited by various journals in the finance and banking industry.
Phil is also active in local civic affairs. He currently serves as a mayoral appointee and vice-chairman of the board of directors of the Pasadena Center Operating Company, and as an ad hoc member of the Rose Bowl Operating Company board of directors.
Representative Matters
- Leading Property Assessed Clean Energy (PACE) Program Administrator in obtaining $3 million arbitration award against contractor in connection with fraudulent financing transactions under California’s PACE Program.
- American National Insurance Company in connection with commercial real estate financing dispute and successfully obtaining order in SEC enforcement proceeding lifting asset freeze affecting commercial properties located in San Diego.
- Southern California Regional Center in SEC investigation relating to $50 million raised under the EB-5 Immigrant Investor Program for residential golf course development.The investigation concluded with the SEC taking no enforcement action against the client.
- Muse Family Enterprises, and other investors, in obtaining a $21 million jury verdict involving fraud related to the financing of real estate projects throughout the country.
- TPG Capital, Inc. in successful dismissal of shareholder lawsuit relating to investment in a large chemical company, including sanctions award against plaintiff and the shareholder for filing frivolous claims.
- Resort owner and developer in an FTC enforcement action in which the FTC sought over $100 million in restitution and damages relating to the sale and financing of residential development located in Belize.
Education
Phil earned his law degree from Loyola Law School (J.D., 2009) and his bachelor’s degree from Boston University Questrom School of Business (B.S., 2002).
Selected Publications
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Author, “Problematic Practices of Credit Rating Agencies: The Neglected Risks of Mortgage-Backed Securities,” Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, John Wiley & Sons (2010)
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Author, “Problems and Reforms in Mortgage-Backed Securities: Handicapping the Credit Rating Agencies,” Mississippi Law Journal, Vol.7, No. 4 (2010)
Admissions and Professional Memberships
Phil is admitted to practice law in California as well as before the U.S. Court of Appeals for the Ninth Circuit, the U.S. District Courts for the Central, Northern, and Southern Districts of California, and the Eastern District of Michigan.
Phil is a member of the American Bar Association and the State Bar of California.