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CFPB and Two States File Suit Against Student Loan Company Navient

The CFPB announced on Wednesday that it had filed a lawsuit against Navient Corporation, formerly part of Sallie Mae, and two of its subsidiaries for alleged “systematic” failures in student loan servicing. The complaint...more

The Problem of Lender "Inquiry Notice" Status

If a lender is fully secured, can it just ignore suspicions of borrower misconduct? The danger is that a lender could lose its collateral under these circumstances and be treated as an unsecured creditor. This is exactly...more

Investor’s Relocation to New York after Structuring a Financing Deal in Hong Kong Does Not Provide a Basis for Suit Against Swiss...

In Ace Decade Holdings Ltd. v. UBS AG, No. 653316/2015, 2016 BL 413780 (N.Y. Sup. Ct. Dec. 7, 2016), Justice Eileen Bransten of the Commercial Division dismissed a $500 million fraud suit brought by an investment holding...more

NY Expands Jurisdictional Reach Over Foreign Banks Using Correspondent Accounts

The New York Court of Appeals recently gave a leg-up to plaintiffs seeking to hale foreign banks before New York state courts, clarifying that the use of a New York-based correspondent account could, under certain...more

Middle District of Florida Defines Settlement Communications Allowed Under the FDCPA

On November 18, 2016, the United States District Court for the Middle District of Florida held that the communication of an unequivocal and non-coercive settlement offer does not violate the Fair Debt Collection Practices Act...more

Court Tosses Time-Barred Rico Claims Alleging Captive Reinsurance Kickback Scheme

Plaintiffs asserted class claims for RICO violations based on allegations that Bank of America referred borrowers to private mortgage insurance providers in exchange for kickbacks, funneled through a captive reinsurance...more

New York Court of Appeals Finds 'Repeated, Deliberate Use' of Correspondent Account Sufficient to Establish Personal Jurisdiction...

In a decision that has implications for non-U.S. financial institutions with correspondent accounts in New York, a closely divided New York Court of Appeals held on November 22, 2016, that the “[r]epeated, deliberate use [of...more

As Agency Enforcement Efforts Mount, CFTC Prohibits Private Lawsuits Against RTOs/ISOs for Market Manipulation

Incidents of alleged fraud and market manipulation in the energy markets increasingly have received the attention of federal agency enforcement efforts, including the Federal Energy Regulatory Commission (FERC) and the...more

Court Dismisses Derivative Claim for Alleged Breach of Oversight Duty

The Delaware courts encourage plaintiffs who bring derivative claims in Delaware without making demand on the board of directors to seek books and records under Section 220 of the Delaware General Corporation Law so as to be...more

"Plaintiffs Facing Headwinds in Pending Mutual Fund Fee Litigation"

With the first-filed cases at or near completion, the results are not looking good for the plaintiffs in the latest wave of mutual fund fee litigation. Defendants prevailed after trial in one of those cases and achieved...more

Florida Banks: Beware of Eleventh Circuit Decision Implications

Banks beware: At the very least in Florida, you may be liable for negligence and “aiding and abetting fraud” to non-customers for trust funds deposited by a bank customer that were obtained by the customer through fraud,...more

Chris Lazarini Analyzes Right to Jury Under Section 4 of Federal Arbitration Act

Bass, Berry & Sims Chris Lazarini analyzed a case outlining when a party is entitled to have a jury decide issues related to the making or enforceability of an arbitration agreement. ...more

"Inside the Courts: An Update from Skadden Securities Litigators"

We are pleased to present Inside the Courts (Volume 8, Issue 4), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

Court Orders Parties to Retry Arbitration Seven Years After Award

In 2008, Move, Inc., initiated a FINRA arbitration against Citigroup Global Markets, alleging that Citigroup improperly invested over $131 million of Move's assets in illiquid and unsuitable auction rate securities. The...more

Employee Benefits Developments - October 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of October, 2016. 2017 Benefits Limits Announced - The Internal Revenue Service and Social Security...more

Owner/Trustee of 401(k) Plan Accused of Having Eyes Wide Shut on Fiduciary Duties

Last June I blogged about the trend of participant fee class actions moving down to smaller 401(k) Plans. Occasionally, class actions are brought based on other breaches of fiduciary duties, particularly those involving...more

Lenders to SPEs: Be Aware, You May Not Have Standing to Appeal a Substantive Consolidation Order

A substantive non-consolidation opinion is a common feature of structured finance transactions in the U.S. Most, if not all, opine as to what a bankruptcy court would do, but express no opinion on the appellate process. We...more

The ERISA Litigation Newsletter - September 2016

Editor's Overview - This month, we have re-published an interview of our colleague Seth Safra discussing the Department of Labor’s final regulation concerning fiduciaries and conflicts of interest. In this interview,...more

Federal Court Issues Trial Ruling in Section 36(b) “Manager of Managers” Lawsuit: AXA Advisory and Administrative Fees Held Not to...

The U.S. District Court for the District of New Jersey issued its post-trial ruling on August 25, 2016 in Sivolella v. AXA Equitable Life Insurance Company—the first Section 36(b) trial decision since 2009. The Court...more

Payment Processor Risk: Do You Know It When You See It? Red Flags for the Unwary

Recent litigation and enforcement activities of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) spotlight the heightened regulatory focus on payment intermediaries, i.e. processors, and their role as...more

District Court Dismisses 401(k) Plan Investment Claims Against Chevron Fiduciaries

A federal district court in California granted defendants’ motion to dismiss claims asserted by Chevron 401(k) plan participants that the plan fiduciaries breached their ERISA fiduciary duties by selecting underperforming...more

Federal Court Issues Trial Ruling in Section 36(b) "Manager of Managers" Lawsuit

AXA Investor Fees Held Not To Constitute a Breach of Fiduciary Duty - The U.S. District Court for the District of New Jersey issued its trial ruling on August 25, 2016 in Sivolella v. AXA Equitable Life Insurance...more

Court Rules in Favor of Investment Adviser after Trial in Section 36(b) Excessive Fee Case

In a case closely watched by the mutual fund industry, the federal district court in New Jersey ruled on Thursday in favor of a mutual fund’s investment adviser and against the shareholders who had brought the lawsuit under...more

August 2016: Securities & Structured Finance Litigation Update: Relation Back in RMBS Putback Cases.

Relation Back in RMBS Putback Cases. In a recent RMBS putback case in the Southern District of New York, Quinn Emanuel won a ruling that the plaintiff trustee’s expert reports, served nearly three years after the litigation...more

[Webinar] Developments in the LIBOR antitrust MDL case - August 23rd, 12:30pm CST

You’re invited to join Stacey Slaughter (Partner) and Geoffrey Kozen (Associate), members of the Robins Kaplan LLP Business and Litigation group for a live webinar. Stacey and Geoffrey will provide and track basic information...more

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