Civil Procedure Finance & Banking

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Post-DMA, Federal Court of Appeals Broadly Interprets Jurisdictional Limitations of Anti-Injunction Act

Earlier this month, the United States Court of Appeals for the D.C. Circuit held in Florida Bankers Ass’n v. U.S. Dep’t of the Treasury, No. 14-5036 (D.C. Cir. Aug. 14, 2015) that the Anti-Injunction Act (AIA, codified at 26...more

Plan Administrator’s ERISA Declaratory Judgment Action Dismissed for Lack of Jurisdiction

After a top-hat plan and pension plan denied a participant’s claims and appeals for additional benefits, the plan administrators preemptively filed a declaratory judgment action, seeking a declaration that: (i) termination of...more

CFPB Reaches Out to Offshore Payday Lenders With Federal Complaint

Why it matters - The Consumer Financial Protection Bureau (CFPB) filed a new complaint against several commonly owned payday lenders, alleging that the defendants engaged in unfair, deceptive, and abusive acts and...more

Financial Services Weekly News - September 2015

Regulatory Developments - California Department of Business Oversight Permits Money Transmitter to Treat Customer Funds in Designated Custodial Account as “Eligible Securities” - The California Department of...more

UPDATE: The U.S. Supreme Court Decides ERISA Statute of Limitations Case – Implications for Plan Fiduciaries

Last November, we reported that the Supreme Court had granted certiorari in Tibble v. Edison International, a Ninth Circuit decision holding that a claim that a plan fiduciary breached its duty of prudence in selecting plan...more

Asset Purchasers May Be Found Liable as “Successors”

Recent court decisions suggest that parties engaged in corporate asset sale transactions involving potential multiemployer pension plan liability should give extra consideration to the structure and terms of their...more

ERISA: 3rd Circuit — Denial Letters That Fail to Detail Plan’s Limitation Period Are Invalid

The courts are expecting more detail in your denial letters about the limitations period. Here’s the case of Mirza v. Insurance Administrator of America, Inc.., No. 13-3535 (3rd Cir. August 26, 2015)(“One very simple...more

Counsel’s Corner: Does the CFPB Really Understand Non-Judicial Foreclosures?

What is the CFPB's stake in this issue? - The FDCPA is a very powerful statute. It touches a lot of areas of consumer protection. The CFPB is really just exploring it and flexing its muscles in that area. It's working on...more

Settlement Proceeds: When Does Cash Become Quasi Real Estate?

Farmer v. Citizens Nat’l Bank of Athens (In re Davis), 528 B.R. 757 (Bankr. E.D. Tenn. 2015) – A chapter 7 trustee sought a court determination that the trustee had a superior claim to settlement proceeds arising from...more

Orrick's Financial Industry Week in Review

ESCB Reports on the Access of CCPs to Central Bank Liquidity Facilities under EMIR - On August 25, 2015, the European Central Bank (ECB) published a report by the European System of Central Banks (ESCB) on the need for...more

The Next EFTA Class Action Wave Has Started

A new type of Electronic Funds Transfer Act (EFTA) class action is now being filed in volume. This trend is highly likely to continue, as the cases are being filed by a consumer class action firm that has filed hundreds of...more

Credit Union for Marijuana Industry Sues NCUA, Fed for Master Account

Why it matters - One Colorado credit union is taking matters into its own hands after the Federal Reserve Bank of Kansas City (FRB-KC) and the National Credit Union Association (NCUA) rejected the institution's...more

FHFA’s $32 Billion RMBS Claims Are Not Time-Barred

On August 21, 2015, Judge Alvin Thompson of the United States District Court for the District of Connecticut denied Royal Bank of Scotland Group PLC’s (“RBS”) motion for summary judgment as to claims brought by the Federal...more

Community Banking Excellence - Third Quarter 2015

In This Issue: - Another Perspective: David Barksdale, President and Chief Executive Officer, Carolina Premier Bank: For the past several months, David Barksdale has been leading the charge at Carolina Premier...more

Seventh Circuit Reverses Summary Judgment Ruling in RMBS Case

On August 21, 2015, a three-judge panel of the United States Court of Appeals for the Seventh Circuit reversed a Wisconsin federal judge’s ruling granting summary judgment to RBS Securities Inc. (“RBS”) dismissing all but one...more

Is a “Receiver’s Sale” a Foreclosure Sale?

Earlier this year, the Nevada Supreme Court held in U.S. Bank Nat’l Assn. v. Palmilla Dev. Co. that under Nevada law, a “receiver’s sale” of real property securing a loan qualifies as a judicial foreclosure sale, and...more

With Dismissal of Another Set of Major High-Frequency Trading Suits, Litigation Risk From Providing Fast Data and Other Services...

Judge Furman of the SDNY Dismisses Claims Against Major Exchanges and Barclays, Holding That Facilitating HFT Does Not Constitute Actionable Market Manipulation - Judge Jesse Furman of the United States District Court...more

FCRA Tip: Keep Hands On

A federal trial court will conduct a trial on a Fair Credit Reporting Act claim because the employer streamlined its background check system. In this case, a bank used a third party service provider to conduct background...more

Third Circuit Says ERISA Administrative Appeal Denial Letters Must State Plan-Imposed Time Limits

The Third Circuit recently held that ERISA administrative appeal denial letters must include plan-imposed time limits for commencing a lawsuit challenging the claim denial, and the failure to provide such notice warranted...more

New EU Regulation for Electronic Signatures

The EU has adopted a new regulation, which will introduce a new legal framework for electronic signatures, seals, time stamps and electronic documents. These rules aim at creating a uniform regime across EU for the...more

No deference for CFPB amicus brief from Ninth Circuit

Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court. The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a...more

The ERISA Litigation Newsletter - August 2015

Editor's Overview - As the summer draws to a close, this month's Newsletter previews three cases that the U.S. Supreme Court already has agreed to hear that ought to be of particular interest to ERISA plan sponsors and...more

Eleventh Circuit Examines “Debt Collector” Under the FDCPA

For those tracking Fair Debt Collection Practices Act (“FDCPA”) litigation for financial institutions and loan servicers, an opinion recently issued by the Eleventh Circuit Court of Appeals provides new insight on the...more

Brazil, bribes and backward tracing – only in Jersey

The Municipality of Sao Paulo and the Republic of Brazil successfully defeated an appeal from two BVI registered companies to the Privy Council which considered what the circumstances are, if any, where backward tracing would...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

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