Philip R. Stein

Philip R. Stein

Bilzin Sumberg Baena Price & Axelrod LLP

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[Webinar] Information Security: Background & Recent Developments - Oct. 15th, 12:00pm ET

Join us for an in-depth webinar presented by litigation attorneys James Ward and Phil Stein on the trending topic of information security and how to protect your company from a data breach. This webinar will address what you...more

10/8/2015 - Cyber Attacks Cybersecurity Data Breach Data Protection FCC FTC FTC v Wyndham Popular Retailers Webinars

The Legal Lessons of Data Breaches

Every business would love to find a fortune teller to give it insight into what trends to follow, which risks to take, and when “exposure” will convert to liability. Some clients might say that, unfortunately, their lawyers...more

9/30/2015 - Anthem Blue Cross Ashley Madison Cyber Attacks Cyber Crimes Cyber Threats Cybersecurity Data Breach Data Protection Data Security Hackers Internet of Things Neiman Marcus Personally Identifiable Information Target

Financial Services Companies Seek Larger Payout in Target Data Security Suit

Attorneys for certain banks and other financial institutions that are caught up in Target’s 2013 data breach are objecting to the $67 million deal struck last week between the retailer and Visa Inc. The banks and credit...more

9/28/2015 - Banking Sector Banks Class Action Class Certification Credit Unions Cyber Attacks Cyber Crimes Data Breach Debit and Credit Card Transactions Financial Institutions Financial Sector Financial Services Industry Fraudulent Charges Hackers MasterCard Personally Identifiable Information Popular Target Visa Inc

Banks Get Big Win in Challenge to New York Ordinance

Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more

9/28/2015 - Affordable Housing Bank of America Banking Sector Banks Citibank Community Reinvestment Act CRA Data Collection Financial Institutions Financial Regulatory Reform Financial Sector Foreclosure JPMorgan Chase Mortgages Residential Real Estate Market

Legal Precedent May Come From Ashley Madison Breach

The Ashley Madison saga has captured the attention of the public and legal profession like few prior data security breaches. The reasons are obvious: A website devoted to promoting infidelity is called out for “fraud, deceit,...more

9/4/2015 - Adultery Ashley Madison Class Action Class Certification Cyber Attacks Cyber Crimes Cybersecurity Data Breach Data Privacy Data Protection Data Security Hackers Marriage Mass Tort Litigation Personally Identifiable Information Popular Reasonable Expectation of Privacy Spouses Target Website Owner Liability Websites

The Legal Lessons of Data Breaches

Every business would love to find a fortune teller to give it insight into what trends to follow, which risks to take, and when “exposure” will convert to liability. Some clients might say that, unfortunately, their lawyers...more

9/1/2015 - Anthem Blue Cross Ashley Madison Cyber Attacks Cyber Crimes Cybersecurity Cybersecurity Framework Data Privacy Data Protection Data Security Hackers Internet of Things Neiman Marcus PF Chang's Target

Court Revives Antitrust Suit Against MasterCard, Visa, Three Banks

A federal appeals court has revived a lawsuit accusing MasterCard, Visa and three major banks of illegally fixing ATM prices to the detriment of consumers. A federal district judge had thrown out the lawsuit in 2013 after...more

8/19/2015 - American Express Anti-Competitive Anti-Steering Rules ATMs Bank of America Banking Sector Banks Debit Cards DOJ Financial Institutions Financial Services Industry JPMorgan Chase MasterCard Payment Processors Transaction Fees Visa Inc Wells Fargo

Wells Fargo Ends Marketing Services Arrangements with Builders

Concerned about “increasing uncertainty surrounding regulatory oversight of these types of arrangements,” Wells Fargo is ending all of its roughly 200 mortgage marketing services and desk rental agreements with builders and...more

8/11/2015 - Banking Sector Banks Borrowers CFPB Construction Industry Consumer Lenders Financial Institutions Financial Services Industry Home Buyer HUD Kickbacks Lenders Loans Mortgage Servicers Mortgages Real Estate Brokers Real Estate Market Regulatory Oversight RESPA Wells Fargo

Mid-2015 Mortgage Crisis Update – The Repurchase Demands Continue

In the aftermath of the financial crisis, Fannie Mae and Freddie Mac aggressively demanded Wall Street and big bank aggregators (“aggregators”) repurchase millions of defaulted and distressed loans, due to purported breaches...more

6/12/2015 - Banking Crisis Banking Sector Citibank Fannie Mae Freddie Mac GSE Mortgage Lenders Mortgage Loan Aggregators Mortgage Loan Originators Mortgages Repurchases Settlement Agreements

CFPB, DOJ Show Renewed Interest in Pursuing “Redlining” Cases

Evidence is mounting that the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) are taking a renewed interest in investigating possible redlining—the practice of lenders charging certain groups...more

5/12/2015 - CFPB Consumer Lenders Discrimination DOJ Government Investigations Mortgage Lenders Race Discrimination Redlining

Quicken Loans Takes on the DOJ & HUD

Quicken Loans, the nation’s largest Federal Housing Administration (FHA)-backed mortgage lender, filed suit on Friday, April 17 in the United States District Court in Detroit against the United States Department of Justice...more

4/28/2015 - Consumer Lenders Counterclaims DOJ FHA HUD Mortgages Quicken Loans

BofA’s Inconsistent Positions

Bank of America recently moved to dismiss a lawsuit filed by Ambac Assurance Corp. in New York state court, alleging $600 million in damages for fraudulent inducement in connection with payments it made under policies...more

3/17/2015 - Ambac Financial Group Bank of America Countrywide False Statements RMBS

New Development Opportunities Through Public-Private Partnerships

Homebuilders and developers may want to consider availing themselves of opportunities arising through public-private partnerships (P3s). The Obama administration has recently proposed several creative approaches to P3s. Those...more

3/5/2015 - Construction Industry General Contractors P3s Public-Private Partnerships Real Estate Development

Fraud Verdict Against Countrywide & BofA Upheld

BofA’s “hustling” attempt to overturn a $1.27 billion judgment against it and Countrywide—along with the individual defendant identified in the next paragraph, the “Defendants”—in the U.S. District Court for the Southern...more

2/24/2015 - Bank of America Countrywide DOJ Fannie Mae Fraud Freddie Mac Mortgage Loan Originators Mortgages

Homebuilder Series Webinar: Fiduciary Duties & Auditor Liability [Video]

Watch an in-depth Homebuilder Series webinar that discusses auditor liability and fiduciary duties. Two issues of recurring interest to company officers and directors are the potential liabilities of outside...more

2/18/2015 - Accountants Auditors Construction Industry Contractors Corporate Officers Fiduciary Duty Liability Professional Liability Third-Party Liability Webinar

Huge Settlements Between S&P, Government

2015 is leaving Standard and Poor’s (S&P) quite a bit poorer. Yesterday, the major credit rating agency agreed to pay $1.375 billion to resolve lawsuits brought against it by the U.S. Department of Justice and attorney...more

2/5/2015 - CMBS Collateralized Debt Obligations DOJ Rating Agencies RMBS S&P SEC Settlement

Supreme Court Eases Requirements for Homeowners Rescinding Mortgages

The U.S. Supreme Court recently held in Jesinoski v. Countrywide Home Loans, Inc. that borrowers exercising their right to rescind mortgages under the Truth in Lending Act (“TILA”) only need to provide written notice to...more

1/26/2015 - Bank of America Jesinoski v Countrywide Mortgage Lenders Mortgages Regulation Z Rescission SCOTUS Statute of Limitations TILA Written Notice

Fighting Back Against CFPB Demands

An increasing number of banks, mortgage lenders, auto finance companies and other financial services industry participants are dealing with inquiries, investigations and actual or threatened legal claims from the Consumer...more

1/15/2015 - Automotive Loans Banks CFPB Consumer Lenders Debt Collection Enforcement Mortgage Lenders Secured Lenders UDAAP

FHFA Orders Contributions to Housing Trust Fund

Earlier this month, the Federal Housing Finance Agency (“FHFA”) ordered Fannie Mae and Freddie Mac to begin making contributions to the Housing Trust Fund (“HTF”) and the Capital Magnet Fund (“CMF”). The HTF is a formula...more

12/24/2014 - Affordable Housing Community Development Block Grants Fannie Mae FHFA Freddie Mac

Former JPMorgan Chase Insider Blows the Whistle

Matt Taibbi of Rolling Stone recently profiled the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking in his article, The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare....more

12/22/2014 - DOJ Enforcement Actions Former Employee JPMorgan Chase Popular Securities Fraud Whistleblowers

The Need for Homebuilder Vigilance About Copyrights

Are homebuilders as vigilant as they should be in protecting their intellectual property rights — including the copyrights that qualifying architectural drawings and structures receive automatically as a matter of law, even...more

12/4/2014 - Architects Architectural Copyrights Construction Industry Construction Project Copyright Copyright Infringement General Contractors Popular

BofA Underwater Mortgage Cases Hit Supreme Court

The U.S. Supreme Court will hear two cases brought by Bank of America regarding whether a second mortgage on an underwater property can be voided during Chapter 7 bankruptcy. Both cases involve Florida homeowners who sued to...more

11/21/2014 - Bank of America Chapter 7 Consumer Bankruptcy Mortgage Priority Mortgages Popular SCOTUS Underwater Homeowners

Regulators Increase Scrutiny of Wall Street Lending

Federal bank regulatory agencies are significantly increasing their scrutiny of Wall Street bank lending, moving from annual reviews to a system of monthly audits in a major effort to curtail aggressive underwriting...more

10/15/2014 - Audits Banks Mortgages Repurchases Underwriting Wall Street

In The Cross-Hairs? Protecting Your Company Against Consumer Financial Protection Bureau Investigations and Investors' Mortgage... [Video]

Watch an in-depth webinar presented by Litigation Partner Philip R. Stein, about the Consumer Financial Protection Bureau's attempts to expand its jurisdiction and authority over consumer finance companies and financial...more

10/10/2014 - CFPB Consumer Financial Products Credit Reporting Agencies Enforcement Financial Institutions Jurisdiction Lending Mortgages Nonbank Firms

Editorial: Banks Can Fight Buyback Claims with a Little Help from BofA

Bank of America took a big hit when it reached a record-breaking $16.65 billion mortgage settlement with the United States Department of Justice in August. The company is likely to attempt to recoup as much of the penalty as...more

9/30/2014 - Bank of America Banks Buyback Litigation Buyback Programs DOJ JPMorgan Chase Underwriting

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