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CFPB announces consent orders with debt collection law firm, two law firm partners, debt buyer

The CFPB announced that it has entered into two consent orders involving debt collection litigation practices. A debt collection law firm and two of its partners are the subject of one consent order and a debt buyer is the...more

Recent Lawsuit Demonstrates Continuing Need for Plan Fiduciaries to Document Decision-Making Process

Late last year, another lawsuit was brought on behalf of participants in a 401(k) plan alleging breaches of fiduciary duties resulting from allegedly high plan fees. This type of case is not novel; the law firm that brought...more

Courts Strike Down Church Plan Exemptions for Church-Affiliated Organizations

Until recently, the Internal Revenue Service (IRS), the Department of Labor (DOL), and federal courts seemed to agree that a retirement plan established and maintained by a church-affiliated organization generally qualified...more

Corporate Trustees: how gross must negligence be?

Surprisingly, the distinction between negligence and gross negligence in English contract and trust law is unclear. On one view, reflected in the older cases, there is little or no difference at all....more

Federal Court Permits BlackRock’s Breach of Contract Claims to Proceed against BNY Mellon

On March 28, Judge George Daniels of the U.S. District Court for the Southern District of New York granted in part and denied in part Bank of New York Mellon’s motion to dismiss an action brought by BlackRock. BlackRock, as a...more

Real Property & Title Insurance Update: Week Ending April 1, 2016

REAL PROPERTY UPDATE - - Foreclosure: remittitur, rather than reversal of summary judgment, is proper where lender failed to provide sufficient evidence of late charges at summary judgment – Newman v. Ocwen Loan...more

Private Equity Funds Liable for Withdrawal Liability of Portfolio Company

What you need to know: On March 28, 2016, the US District Court for the District of Massachusetts held, on remand from the First Circuit, that two related private equity funds were jointly and severally liable for...more

Statutory and Contractual Limitations Periods and the Events that Trigger Them: Insight from the Fourth Circuit

The Employee Retirement Income Security Act of 1974 (ERISA) does not contain a statute of limitations provision, and courts generally apply the most analogous state law statutory limitation. However, some plans fill the void...more

Federal Court in New York Dismisses State-Law Claims Against National Bank and Service Provider on Preemption Grounds

On March 9, the U.S. District Court for the Southern District of New York upheld the preemption of state-law claims brought against a national bank and its non-bank servicer provider. Edwards v. Macy’s Inc., No. 14-cv-8616...more

Dutch Foundations Negotiate €1.204 billion Settlement with Ageas, formerly Fortis.

Following up on our December 15 post on the debate over the best strategy to recover foreign securities losses, a collection of Dutch Foundations (known as Stichtings) negotiated a substantial collective settlement with Ageas...more

Supreme Court Emphasizes Heightened Pleading Standard for Stock Drop Cases

On January 25, 2016, the Supreme Court of the United States issued a per curiam opinion in Amgen Inc. v. Harris, holding that the Amgen, Inc. employees who filed suit after the value of the employer stock in which they had...more

Ontario Superior Court Decision Confirms That “Public Correction” Requirement is a Temporal Marker

Under the Ontario Securities Act (“OSA”), a statutory right of action exists for secondary market misrepresentation for any person who acquires or disposes of an issuer’s securities within the relevant time period. An action...more

Freddie Mac and Fannie Mae Not Considered Government Agents Under the FCA

In United States ex rel. Adams v. Aurora Loan Servs., Inc., 2016 WL 697771, — F.3d —- (9th Cir. Feb. 22, 2016), the Ninth Circuit found that Fannie Mae and Freddie Mac were not government entities for purposes of the False...more

What Amgen and Tackett Tell Us About ERISA Litigation Trend Lines

Two recent Supreme Court decisions, and a recent Sixth Circuit analysis on remand from the Supreme Court, offer a roadmap of sorts on ERISA litigation. In both decisions, the Supreme Court did away with presumptions, and at...more

Supreme Court’s Amgen Order Confirms That Fifth Third Bancorp’s ERISA Stock-Drop Pleading Standard Has Teeth

In a recent per curiam order granting the plan fiduciaries’ petition for certiorari and reversing the Ninth Circuit, the United States Supreme Court made clear that it expects lower courts to faithfully apply the pleading...more

Court of Appeal overturns decision in Titan 2006-3 v Colliers in finding that valuer in CMBS structure was not negligent - Court...

In the last edition of Banking Disputes Quarterly, we reported that the Court of Appeal was due to consider the Commercial Court's ruling in Titan Europe 2006-3 plc v Colliers International UK plc [2015] EWCA Civ 1083. The...more

"CFTC Aims to Lower the Bar on Proving Manipulation in Pending Cases"

In two separate Commodity Futures Trading Commission (CFTC) enforcement actions before district courts in New York and Chicago, the CFTC has asked each court to adopt holdings that would significantly enhance the CFTC’s...more

Lenders are Required to Investigate Suspicious Loan Transactions

The Seventh Circuit Court of Appeals recently held that a lender is obligated to conduct a diligent investigation when it becomes aware of suspicious facts relating to the legitimacy of a loan transaction. In Sentinel...more

Fifth Circuit Upholds ERISA Disability and Life Benefit Denials

In two decisions issued last month, the Fifth Circuit upheld ERISA plan denials of disability and life benefits, confirming its deferential approach in most ERISA benefit cases....more

Second Circuit Affirms District Court Ruling, Dismisses Case Alleging Breach of Fiduciary Duty

On January 6, the Court of Appeals for the Second Circuit affirmed the Southern District of New York’s decision to dismiss a derivative action alleging that the Chief Executive Officer, Chairman of the Board of Directors, ten...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

Rural/Metro: Delaware Supreme Court Affirms $76 Million Award Against Financial Advisor: Holds That Financial Advisors Are Not...

On November 30, 2015, the Delaware Supreme Court issued an opinion affirming the Court of Chancery’s decision in In re Rural/Metro Corporation Stockholders Litigation. In the earlier decisions, the Court of Chancery found...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

Delaware Supreme Court Upholds Rural/Metro Decision

The Delaware Supreme Court recently affirmed the 2014 decisions of the Delaware Court of Chancery finding the lead financial advisor for Rural/Metro Corporation (“Rural”) liable to a class of Rural stockholders for aiding...more

Plaintiff Gets A Rare Win On A Motion For Reconsideration In The NC Business Court

It's pretty hard to succeed at getting a Business Court Judge to reconsider a prior ruling and reverse himself. But the Plaintiff in RREF BB Acquisitions, LLC v. MAS Properties, LLC, 2015 NCBC 105, accomplished exactly that...more

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