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Civil Procedure Finance & Banking

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Alleged FCRA Violation Sufficiently Concrete for Article III Standing, Ninth Circuit Holds in Spokeo II

by Ballard Spahr LLP on

On remand from the U.S. Supreme Court, the U.S. Court of Appeals for the Ninth Circuit has held in Spokeo v. Robins that an alleged Fair Credit Reporting Act (FCRA) violation was sufficiently concrete to support Article III...more

Forum Selection in New York

Credit documents in lending transactions commonly contain a choice of forum provision setting forth the agreement of the parties to submit to the jurisdiction of the New York state courts and federal courts sitting in the...more

California Supreme Court to Decide Key Finance Lender Law Usury and Unconscionability Issue

by Ballard Spahr LLP on

Although the California Finance Lenders Law (the CFLL) does not limit the interest rates that may be charged on loans of $2,500 or more, Section 22302 of the law expressly states that loans made under the CFLL may be held...more

Spokeo: On Remand From The U.S. Supreme Court, The Ninth Circuit Finds Plaintiff Has Standing, Again

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Following remand from the U.S. Supreme Court, the Ninth Circuit found that the plaintiff suing Spokeo, Inc. under the Fair Credit Reporting Act alleged sufficient injury to establish standing to proceed in...more

Proposed Class Accuses Deutsche Bank of Improperly Using Funds for Legal Defense

On August 4, 2017, Royal Park Investments SA/NV filed a proposed class action against Deutsche Bank National Trust Co. (“DBNTC“) in the U.S. District Court for the Southern District of New York, claiming that DBNTC—in its...more

Delaware Bankruptcy Court Approves Separate Classification and Disparate Gifted Consideration Between General Unsecured Creditors

The Delaware Bankruptcy Court, in In re Nuverra Environmental Solutions, Case No. 17-10949 (Bankr. Del. July 24, 2017), confirmed a chapter 11 plan of reorganization despite separate classification and disparate gifted...more

Ninth Circuit Rules That Hypothetical Preference Actions May Be Considered in Applying the Greater Amount Test

by Jones Day on

In Schoenmann v. Bank of the West (In re Tenderloin Health), 849 F.3d 1231 (9th Cir. 2017), a divided panel of the U.S. Court of Appeals for the Ninth Circuit recently addressed as a matter of apparent first impression...more

Section 553 of the Bankruptcy Code Preserves Rather Than Creates Setoff Rights

by Jones Day on

In Feltman v. Noor Staffing Grp., LLC (In re Corp. Res. Servs. Inc.), 564 B.R. 196 (Bankr. S.D.N.Y. 2017), the bankruptcy court considered whether section 553 of the Bankruptcy Code creates a right of setoff when no such...more

Second Circuit Affirms Bankruptcy Court’s Nullification of Chapter 15 Debtor’s Sale of Claim Due to Woefully Inadequate Price

by Jones Day on

In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more

Ninth Circuit Revisits Article III Standing For An Alleged FCRA Violation

by Littler on

On August 15, 2017, the U.S. Court of Appeals for the Ninth Circuit issued another opinion in the saga of Robins v. Spokeo, Inc.—a case dealing with the question of what violations of a federal statute are sufficient to...more

Tax Talk: Volume 10, Issue 2

by Morrison & Foerster LLP on

EDITOR’S NOTE - With the failure of health care legislation to “repeal and replace” the Affordable Care Act, eyes in Washington, D.C. are now turning to tax reform. Since Congress plans to take August off, any real tax...more

CFPB Arbitration Rule Hits a Roadblock

The Consumer Financial Protection Bureau (CFPB) issued a final rule on pre-dispute arbitration agreements on July 10, 2017. The final rule was published in the Federal Register on July 19, 2017, and as such, it is due to...more

CFPB Final Arbitration Rule Bans Class Action Waivers, But Will it Survive?

by Moore & Van Allen PLLC on

The Consumer Financial Protection Bureau (CFPB) recently announced the release of its final rule prohibiting the use of class action waivers in certain consumer finance arbitration agreements. The rule has been several years...more

CFPB Final Rule Banning Class Action Waivers in Arbitration Agreements: The Final Front of Opposition as Congress Moves to Nullify...

by Moore & Van Allen PLLC on

The Consumer Financial Protection Bureau (CFPB) recently announced the release of its final rule that prohibits the use of class action waivers in certain consumer finance arbitration agreements. This rule banning class...more

Connecticut District Court Denies WMC Mortgage’s Motion for Partial Summary Judgment

On August 8, 2017, Judge Charles S. Haight Jr. of the U.S. District Court for the District of Connecticut denied defendant’s motion for partial summary judgment in Law Debenture Trust Co. of New York v. WMC Mortgage. The...more

Texas Federal Judge Upholds CFPB’s Investigative Authority in Denying Stay Pending Appeal of CFPB CID Dispute

by Dorsey & Whitney LLP on

Burgeoning federal enforcement efforts relating to the consumer data and credit reporting industry have led to another key legal development: a federal court in Dallas ruled in favor of the Consumer Financial Protection...more

Resistance is not Always Futile: New Decision in Ongoing Delaware Unclaimed Property Audit Litigation

by McDermott Will & Emery on

On August 9, 2017, the US Court of Appeals for the Third Circuit (Third Circuit), overruling the US District Court for the District of Delaware (District Court), allowed a claim by a holder seeking to prevent an unclaimed...more

The Seventh Circuit Finds No Standing in FCRA Case Based on Job Application Credit Reports

by Fenwick & West LLP on

The U.S. Court of Appeals for the Seventh Circuit held that allegations that prospective employers obtained consumer reports in technical violation of the Fair Credit Reporting Act by themselves do not constitute a concrete...more

OFAC Pushes New Limits on Jurisdiction of U.S. Sanctions by Penalizing Non-U.S. Companies for “Causing” Violations by Making U.S....

On July 27, 2017, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the civil settlement with CSE TransTel Pte. Ltd. (“TransTel”) and CSE Global Limited (“CSE Global”) in the amount of...more

Delaware Supreme Court Provides Guidance on Factors to Consider in Appraisal Valuation Procedure in Context of DFC Global...

by Ropes & Gray LLP on

In DFC Global Corp. v. Muirfield Value Partners, L.P.,1 the Delaware Supreme Court reversed and remanded the Court of Chancery’s appraisal decision relating to the 2014 acquisition of DFC Global Corporation, an international...more

District Court Rejects Servicer’s Argument that CFPB is Unconstitutional

by Goodwin on

?On August 4, 2017, the United States District Court for the Middle District of Pennsylvania denied a student loan servicer’s motion to dismiss claims brought against it by the Consumer Financial Protection Bureau (CFPB),...more

Fifth Circuit Vacates Settlement Approval in ERISA Class Action, Remanding With Instructions to Reexamine the Legitimacy of...

by Carlton Fields on

The Fifth Circuit recently vacated a class action settlement that included unsecured and uncollateralized future payments to the plaintiffs, while providing a swift and complete payout of fees to class counsel. The case...more

The Latest Alleged Wells Fargo Scandal – Imposing Unnecessary Auto Insurance on 800,000 Unsuspecting Customers

by Sedgwick LLP on

On July 30, 2017, Wells Fargo & Co. customers filed a putative class action lawsuit alleging the bank forced them to pay for unnecessary auto insurance, which resulted in some members of the purported class having their...more

Dana Gas Sukuk: A red herring or cause for concern?

by White & Case LLP on

The recent move by Dana Gas PJSC ("Dana Gas") to declare its approximately US$700 million of outstanding trust certificates unlawful and, accordingly, unenforceable on grounds that, in the company's view and that of its...more

Transfer To Non-Existent Corporation Held To Be A Transfer Nonetheless

by Allen Matkins on

Sometimes, the law is just weird. The case of PGA West Residential Ass’n, Inc. v. Hulven Int’l, Inc., Cal. Ct. App. Case No. E064270 (Aug. 9, 2017) is weirder than most. The lawsuit alleged that the defendant had tried to...more

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