Practically speaking, and skipping the 'hire a lawyer' part. It is likely that if there is legal action, it will be directed at the consulting company first and foremost because it is likely to have deeper pockets and be backed by an insurance policy that was acceptable to the bank.
Generally, the insurance company will settle based on its exposure rather than outright liability. These things rarely wind up in court. Which brings me to my second recommendation, have insurance for errors and ommissions.
Good luck.