When I hear practitioners talk about RICO, I often hear how no one understands it. I also hear some practitioners talk about how RICO is dead. It is not.
The Racketeer Influenced and Corrupt Organizations Act (RICO) was enacted by Congress and signed into law in 1970 as a tool to combat organized crime in the United States. In addition to imposing substantial criminal penalties for violations, the RICO statute authorizes a private right of civil action, enabling the victims of a person or business engaging in a “pattern of racketeering activity” to recover treble damages and attorney fees for injury to their business or property. Civil RICO is seen as “the litigation equivalent of a thermonuclear device,” Miranda v. Ponce Federal Bank, 948 F.2d 41 (1st Cir. 1991), and civil RICO claims are often employed in complex, high-stakes litigation.
