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District Court Concludes Mortgage Servicer’s Actions Violated RESPA

On January 28, the U.S. District Court for the Western Division of Washington, having determined that a mortgage loan servicer violated the Real Estate Settlement Procedures Act (RESPA) and committed the tort of outrage,...more

The North Carolina Supreme Court Weighs in Again on Reliance

We begin 2016 by studying a new decision on a familiar issue: the degree of reliance required in a claim under N.C. Gen. Stat. § 75-1.1. North Carolina law now holds that a plaintiff who makes a 75-1.1 claim based on a...more

Commerzbank AG Sues Four RMBS Trustees Alleging Violations of Duties to Investors

On December 23 and 24, Commerzbank AG filed four actions in the Southern District of New York against Deutsche Bank National Trust Company, HSBC Bank USA, N.A., Wells Fargo Bank, N.A., and the Bank of New York Mellon in their...more

The Year in Review: 2015 FINRA Enforcement Actions

Over the past several years, the Financial Industry Regulatory Authority (“FINRA”), the self-regulatory organization responsible for regulating every brokerage firm and broker doing business with the U.S. public, brought...more

For Whom the Contractual Suit Limitation Period Tolls

Virginia’s Supreme Court recently addressed an issue of statutory interpretation that affects whether or under what circumstances a contractual suit limitation provision in an insurance policy may be tolled. In Allstate Prop....more

A Corporate Opportunity? … Stolen?

If you want to get to the meaning of a case, one exercise is to put yourself in the shoes of one participant or the other and see how you react to the events. (This also works well with Bible stories, by the way.) Last week...more

Investors File Putative Class Action Against Citibank for Allegedly Failing to Comply with RMBS Trustee Duties

On November 24, 2015, a group of investors, led by Pacific Investment Management Co. (“PIMCO”), filed suit in the Supreme Court of the State of New York against Citibank, N.A., as trustee of 25 private-label RMBS Trusts. This...more

Piercing The Corporate Veil Takes More Than Just Fraud By The Individual

Many of us have endured the nightmare of a disastrous home renovation or at least enjoyed Tom Hanks in The Money Pit (How long? Two weeks, of course). Well imagine spending half a million dollars, not for a new and improved...more

Second Circuit Upholds District Court Decision, Applies New York’s Six-Year Limitations Period on Contractual Claims

On November 16, the Court of Appeals for the Second Circuit affirmed the Southern District of New York’s decision to dismiss a leading global bank’s complaint against a nonbank mortgage lender alleging breach of contractual...more

Second Circuit Upholds Dismissal of RMBS Lawsuit as Time-Barred

On November 16, the Second Circuit Court of Appeals affirmed the District Court’s dismissal of a lawsuit brought by Deutsche Bank National Trust Co. (acting as Trustee for RMBS Trust GSR 2007-OA1) against Quicken Loans,...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending November 13 & 20, 2015

REAL PROPERTY UPDATE - Property Damage/Breach of Contract: insurer failed to prove that it provided insured with notification of its right to mediate at the time insured made his claim pursuant to Florida Statutes,...more

Oh My! Oklahoma Court Allows Earthquake Case to Proceed

What should we make of the Oklahoma Supreme Court’s order sending a suit alleging injuries from an earthquake back to the trial court for further action?  Did the court unleash the lions, tigers and bears of the litigation...more

North Dakota Supreme Court Addresses What Creates a Fiduciary Relationship with a Land Broker

On September 21, 2015, the North Dakota Supreme Court found that a fiduciary relationship between an oil company and its landman could exist depending upon the existence of a confidential relationship. Irish Oil...more

You Own the Oil. Do You Own the Rock?

Riddle: What’s the difference between a hydrocarbon molecule and the underground structure which the molecule inhabits? Answer: In Texas, you can own one and not the other, according to Lightning Oil Co. v. Anadarko E&P...more

Upper Tribunal Finds That Individual Lacked Integrity Due To Recklessness

In this case report, we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in Ghanshyam Batra v Financial Conduct Authority [2014] UKUT 214 (TCC), in which the Upper Tribunal upheld the FCA's decision to...more

CFPB Examination Resource Guide

CFPB has explained to industry participants what to expect in examinationss, both in terms of exam process and covered laws & regs. SUPERVISION AND EXAMINATION MANUAL – VERSION 2.0 First issued in 10/2011, revised &...more

Court Of Chancery Explains The Continuing Wrong Doctrine

It is settled law that a cause of action accrues when the wrong is committed, not when its effects continue to be felt in the future. But as this decision makes clear, that is not always the case. When additional wrongdoing...more

Unfinished Negotiations Might Generate Treble Damages

The North Carolina Business Court has recognized a new type of claim: a claim for failing to negotiate in good faith. Raising the stakes further, the court has held that failing to negotiate in good faith could lead to treble...more

Orrick's Financial Industry Week in Review

Federal Reserve Releases First Determination of Aggregate Consolidated Liabilities of all Financial Companies - On July 1, the Federal Reserve Board released its first determination of the aggregate consolidated...more

Banks’ Motion to Dismiss Commerzbank RMBS Fraud Claims Granted

On June 18, 2015, Justice Marcy Friedman of the New York Supreme Court dismissed RMBS fraud claims brought by Commerzbank AG London Branch (“Commerzbank”) against UBS, Nomura Holdings Inc., Barclays Bank PLC, Citigroup and...more

Virginia Supreme Court Opinions Affecting Local Government Law: June 4, 2015

The Virginia Supreme Court issued opinions on June 4, 2015 during its June term. This term resulted in two opinions affecting Virginia local government law. These opinions addressed defamation alleged from statements by a...more

“Abusive” Development – Recent Applications of the Prohibition against Abusive Acts and Practices

The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more

Florida’s Immune System: No First-Party Bad Faith Claims Against The State-Created Property Insurer

Earlier this month, in Citizens Property Insurance Corp. v. Perdido Sun Condominium Association, Inc., No. SC14-185 (Fla. May 14, 2015), the Supreme Court of Florida held that the immunity from suit granted to Citizens under...more

Montana Supreme Court Upholds $5 Million Punitive Award That Is Five Times The Compensatory Damages

Montana is known fondly to many as Big Sky Country, but it also is quickly gaining a reputation for big punitive damages awards. Not only are juries imposing breathtaking amounts of punitive damages with increasing...more

Mortgage Servicing and Unfair Trade Practices

When can mortgage servicing and related debt-collection activities violate N.C. Gen. Stat. § 75-1.1? Two recent cases provide some answers....more

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