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Minnesota Supreme Court Takes on Litigation Financing for Second Time in Single Suit

For the second time in a single litigation (Maslowski v. Prospect Funding Partners, LLC, et al. v. James Schwebel, Esq., et al.), the Minnesota Supreme Court will consider the propriety and permissible scope of private...more

New York Federal Court Concludes That Choice-of-Law Clause Does Not Control Application of the Statute of Limitations

A New York federal court ruled that a pooling and servicing agreement (PSA) and mortgage loan purchase agreement (MLPA) that select New York as their governing law may not require application of New York’s statute of...more

Banks Urged to Create Payment Notice Standards After $900M Transfer Error

The Federal District Court for the Southern District of New York provided guidance to banks regarding payment notices in the case of In re Citibank August 11, 2020 Wire Transfers after Citibank erroneously transferred over...more

Certificateholders in Article 77 Proceedings May Recover Attorney’s Fees in ‘Unique’ Cases

A New York court has determined that certificateholders in Article 77 proceedings may recover their attorney’s fees in “unique” cases where their efforts increase overall recoveries to the trust....more

2/2/2021  /  Attorney's Fees , Mortgages , Trusts

Second Circuit Holds That CDO Swap Payment Priority-Shifting Provisions Are Covered by Section 560 Safe Harbor

After nearly 10 years of litigation, the Second Circuit has weighed in on an appeal in an adversary proceeding arising out of the Lehman Brothers bankruptcy. The August 11, 2020, decision confirms that a trustee’s termination...more

Can a Trustee Prosecute Fraudulent Transfer and Tortious Interference Claims if No Event of Default Has Occurred?

Can a Trustee prosecute fraudulent transfer and tortious interference claims if no event of default on the notes it oversees has yet occurred? This was the question of first impression (at least in New York) recently...more

When Are Default-Rate Duties Triggered? The Tenth Circuit Provides Insight

The concept of default-rate interest — interest that accrues on a debt at a higher-than-normal rate if the debtor defaults on terms of the underlying financial instrument — is well known. Default-rate duties, however, may be...more

New York Court Finds Champerty Defense Waived if not Timely Raised

For many, the term “champerty” might be more readily associated with Monty Python whimsy than sophisticated legal argument. And while champerty is in fact an “ancient legal doctrine” that finds its genesis in medieval...more

Trio of Corporate Trust Decisions Addresses Jurisdiction, Standing and Authority to Direct the Trustee

Three recent corporate trust decisions provide insight into issues of jurisdiction, standing of indirect holders and the authority of limited direct certificateholders to direct trustees. The U.S. Supreme Court has left alone...more

United States Supreme Court May Consider Constitutionality of Minnesota Trust Code

A Petition for Certiorari is pending before the Supreme Court of the United States in the case of Ambac Assurance Corporation v. U.S. Bank National Association, asking the Court to consider the constitutionality of whether...more

9/26/2019  /  Mortgages , Trustees , Trusts

Minnesota Court Denies Standing, Clarifies Definition of “Interested Person” in Trust Instruction Proceedings

To be an “interested person” under the Minnesota Trust Code, a party must have a property right in or claim against the assets of the trust arising out of the trust instrument itself, not merely a possibility of becoming a...more

6/11/2019  /  Beneficiaries , NCUA , Trustees , Trusts

Supreme Court Decides Campbell-Ewald Co. v. Gomez

On January 20, 2016, the Supreme Court decided Campbell-Ewald Co. v. Gomez, holding that an unaccepted offer to satisfy a named plaintiff’s individual claim does not render a case moot. The Court also held that sovereign...more

Supreme Court Decides City of Los Angeles v. Patel

On June 22, 2015, the U.S. Supreme Court decided City of Los Angeles v. Patel, No. 13-1175, holding that facial challenges can be brought under the Fourth Amendment and that a municipal ordinance requiring hotel operators to...more

Supreme Court Decides Kingsley v. Hendrickson

On June 22, 2015, the U.S. Supreme Court decided Kinsgley v. Hendrickson, No. 13-1175, holding that to prove an excessive force claim, a pretrial detainee need show only that an officer’s deliberate use of force was...more

Supreme Court Decides Kellogg Brown & Root Services Inc., et al.

On May 26, 2015, the U.S. Supreme Court decided Kellogg Brown & Root Services, Inc,. et al., No. 12-1497, holding that the Wartime Suspension of Limitations Act (WSLA) does not apply to civil claims brought under the False...more

Supreme Court Decides ESOP Fiduciary Duty Case: Fifth Third Bancorp et al. v. Dudenhoeffer et al.

On June 25, 2014, the U.S. Supreme Court decided Fifth Third Bancorp et al. v. Dudenhoeffer et al., No. 12-751, holding that a fiduciary of an employee stock ownership plan (ESOP) is subject to the same duty of prudence that...more

Supreme Court Decides Halliburton Co. et al. v. Erica P. John Fund, Inc.

On June 23, 2014, the U.S. Supreme Court decided Halliburton Co. et al. v. Erica P. John Fund, Inc., holding that plaintiffs in securities fraud class action cases may continue to invoke Basic Inc. v. Levinson's rebuttable...more

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