Civil Procedure Finance & Banking

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Structuring Private Equity Deals in 2017: Considerations for Buyers While They Wait for the Sun Capital Appeals to Play Out

Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund has been analyzed extensively over the past four years, as it has made its way from the US District Court for the District of...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

New York Appellate Court Reaffirms Avenue For Lenders To Revive Dismissed Cases Following Expiration of Statute of Limitations

As we get further away from the financial crisis of 2008, the statute of limitations has become a much more asserted and examined defense in mortgage foreclosure actions. Last week, New York’s Appellate Division, Second...more

Community Banks Should Be Wary of ADA Claims

A number of community banks have recently received an unpleasant delivery: a demand letter from a law firm stating the bank is not in compliance with the Americans with Disabilities Act (the ADA) and suggesting a proposed...more

Fate of House bill to change class action procedures could be barometer for CFPB arbitration rule

On February 9, 2017, the House Judiciary Committee by a vote of 19-12 passed the Fairness in Class Action Litigation Act of 2017, a bill that would make significant changes to the procedures for class actions in federal...more

D.C. Circuit grants CFPB’s petition for rehearing en banc in PHH case

The D.C. Circuit has entered an order granting the CFPB’s petition for rehearing en banc in the PHH case.  Because the order was issued per curiam, it does not indicate which of the active judges voted to grant the petition...more

Ninth Circuit Reaffirms Lozano, Holds Typicality Does Not Require Identical Injuries Among Class Members

The Ninth Circuit recently affirmed orders by the District Court for the Northern District of California certifying two national classes in an action under Racketeer Influenced and Corrupt Organizations Act (RICO), the Fair...more

Is there a need for expert evidence in IRHP mis-selling disputes?

Sometimes cases can be decided purely on the basis of the factual evidence. At other times expert evidence may be needed to assist with specialist or technical areas but such evidence can only be brought with the court’s...more

Plaintiffs in another case challenging CFPB’s constitutionality move to intervene in PHH case

The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a “Motion To Intervene In Any En Banc Proceeding That May Be Granted” in the PHH case. The motion follows the D.C. federal district court’s...more

DACA-Protected Plaintiff Files Class Action Alleging Lending Discrimination Based on Citizenship Status

On January 31, 2017, Mitzie Perez—a former undocumented immigrant who is authorized to work in the United States under the Deferred Action for Childhood Arrivals (“DACA”) policy—filed a class action in the Northern District...more

Client Alert: Fourth DCA Reverses Itself in Ober, Restores Certainty with Foreclosures

Back in October, Shumaker published a Client Alert which described the judicial uncertainty generated by the decision in Ober v. Town of Lauderdale-by-the-Sea, 41 Fla. L. Weekly 1978, Case No. 4D14–4597 (Fla. 4th DCA, August...more

Your Daily Dose of Financial News

Japan’s SoftBank hasn’t been shy about bold moves, but its most recent one—the decision to buy American PE giant Fortress Investment Group—is an especially big one. The deal is seen as bolstering SoftBank’s recently announced...more

Ninth Circuit Holds That Rule Allowing Curing Debtors to Avoid Contractual Post-Default Interest Is No Longer Valid

The Ninth Circuit recently ruled that a Chapter 11 debtor could not avoid the payment of default interest under a promissory note as a condition to curing and reinstating such promissory note under a Chapter 11 plan. In...more

Post-‘Spokeo’ Standing for Consumer Class Actions a Struggle

Federal courts have varied widely in their interpretation of standing for plaintiffs in consumer protection class actions since last year’s U.S. Supreme Court decision in Spokeo v. Robins , __ U.S. __, 136 S.Ct. 1540 (May 16,...more

Be Careful What You Wish For, Part II: Would Companies Be Better Off Without the Fraud-on-the-Market Doctrine?

The villain in the fight against securities class actions is the fraud-on-the-market presumption of reliance established by the U.S. Supreme Court in 1988 in Basic Inc. v. Levinson, 485 U.S. 224 (1988). Without Basic, the...more

Recent California Court of Appeal Decision Invalidates Jury Trial Waiver Made Under New York Law

A recent California Court of Appeal decision may have a major impact on the enforceability of jury trial waivers in loan agreements and other documents governed by New York law. In Rincon EV Realty LLC v. CP III Rincon...more

Nothing Crafty About Michaels’ Disclosure Under Spokeo

A New Jersey District Court followed Spokeo’s Article III standing analysis and dismissed claims by three putative class representatives against Michaels Stores. Plaintiffs claimed that Michaels’ online employment application...more

First Circuit Affirms District Court’s Confirmation Of Arbitration Award Under The “Look-Through” Test

The background of this matter could be found here. In sum, Plaintiffs Dr. Luis Ortiz-Espinosa and his wife Maritza Soto-Garcia, the conjugal partnership they formed, Espinosa-Soto, and Luis Ortiz-Espinosa, as trustee of...more

Consumer Financial Services Newsletter - February 2017

Seventh Circuit Finds Bank's Response to RESPA Request "Almost Perfect" - Perron v. J.P. Morgan Chase Bank, N.A., Case No. 15-cv-2206 (7th Cir. 2017) - The United States Court of Appeals for the Seventh Circuit...more

Petition To Vacate Arbitration Award Served By Email Did Not Constitute Service Under FED. R. CIV. P. 5

The Second Circuit has affirmed a decision finding email insufficient for service, absent consent to such method. In the underlying district court, the Petitioner emailed a copy of his petition to one of Respondent, Deutsche...more

NY Appellate Court Holds CPLR 205(a) Applies to Note Owner’s Successor in Interest If Prior Action Not Dismissed for Failure to...

Action Item: New York’s Appellate Division, Second Department, affirms that dismissal under Civil Practice Law and Rules (“CPLR”) 3215(c) does not constitute neglect to prosecute and therefore a plaintiff may avail itself of...more

Democratic lawmakers/ Democratic state AGs/ consumer advocacy groups seek reconsideration en banc of motions to intervene in PHH...

After the D.C. Circuit panel issued a per curiam order on February 2 denying the three motions to intervene that were filed in the PHH case, we expected the next development in the case to be a decision by the D.C. Circuit on...more

Mutual Funds As Venture Capitalists? Evidence from Unicorns

In a recent paper, authors Sergey Chernenko, Josh Lerner, and Yao Zeng consider investments by mutual funds (“cross over funds”) in 99 unicorn companies. Given the rise in recent years of investments by cross over funds in...more

A Lender’s Federal Post-Judgment Interest Quandary

Post-judgment interest is not something most lenders consider when making a loan. In fact, it is not ordinarily the subject of significant analysis even when litigation becomes necessary. ...more

District Court Serves as a Reminder of the Limitations of Spokeo

A district court out of Missouri has served up a reminder as to the limitations of a motion to dismiss based upon subject matter jurisdiction. In May v. Consumer Adjustment Co., the consumer filed an FDCPA complaint is state...more

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