Civil Procedure Finance & Banking

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Legal Advice Privilege In The Context Of A Regulatory Investigation

In this case report, we consider the decision of the High Court in Property Alliance Group Ltd v The Royal Bank of Scotland plc [2015] EWHC 3187 (Ch) (5 November 2015). In the latest in a series of procedural decisions in...more

Four Things Companies Should Know About the SEC’s 2015 Whistleblower Report

The SEC recently published data showing significant increases in tips received under its Dodd-Frank Whistleblower Program. Released on November 16, the 2015 annual report also provided important guidance to companies on the...more

Be On The Lookout: New Proposed Claims Procedures For ERISA-Governed Disability Benefits Are Coming

The Employee Benefits Security Administration (EBSA) announced plans to publish, on November 18, 2015, new proposed claims procedures for handling ERISA-governed disability benefits. ...more

Applying The "Common Legal Interest" Privilege In The Context Of A Financial Transaction

Sophisticated and complex commercial litigation and criminal investigations often involve many participants and their lawyers. In these cases, it is often beneficial for the lawyers to share confidential information pursuant...more

Second Circuit Upholds Dismissal of RMBS Lawsuit as Time-Barred

On November 16, the Second Circuit Court of Appeals affirmed the District Court’s dismissal of a lawsuit brought by Deutsche Bank National Trust Co. (acting as Trustee for RMBS Trust GSR 2007-OA1) against Quicken Loans,...more

Orrick's Financial Industry Week in Review

FHFA Releases 2015 Performance and Accountability Report - On November 16. 2015, the Federal Housing Finance Agency released a report that analyzes its duties as regulator of the Federal Home Loan Bank System and as...more

Eleventh Circuit Strikes Down Florida’s No-Surcharge Law

On November 4, 2015, the Eleventh Circuit struck down Florida’s no credit-card surcharge statute as unconstitutional under the First Amendment. See Dana’s Railroad Supply v. Attorney General, Florida, No. 14-14426, 2015 WL...more

Supreme Court Hears Argument in Spokeo, a Case That Could Impact Many Statutory-Damages Class Actions

Article III of the U.S. Constitution extends the federal judicial power only to “Cases” and “Controversies.” The Supreme Court has long held that no case or controversy exists unless the party invoking federal jurisdiction...more

Bankruptcy Court Order Compelling Surrender of Property Upheld on Appeal

On November 23, 2015, in the first appellate decision of its kind, the District Court for the Southern District of Florida affirmed a bankruptcy court order to compel chapter 7 debtors to surrender real property by directing...more

Bank of America as Trustee v. Commissioner of Revenue: Massachusetts Supreme Judicial Court Will Hear Case in 2016

The Massachusetts Supreme Judicial Court (SJC) will hear the appeal of Bank of America against the Massachusetts Commissioner of Revenue in 2016. The SJC accepted Bank of America’s application for Direct Appellate Review on...more

What's In A Name? The Case Of "On-Demand" Performance Bonds

A bank's attempt to characterise performance bonds as guarantees failed in a further example of the English Court's strict approach to construction of "on-demand" payment obligations. In a decision which provides some...more

Group Life Insurance Claims by a Teacher’s Beneficiary Are Subject to ERISA Preemption: Woods v. American United Life Insurance...

On ERISA preemption grounds, a federal court has ruled against state law claims asserted by the beneficiary of a former school teacher who sought benefits from a group life insurance policy. Woods v. American United Life...more

Major Update to Bankruptcy Forms Effective December 1, 2015

On December 1, 2015, the Official Forms for use in bankruptcy courts will be updated. The changes were made as part of a forms modernization effort. Almost all of the Official Forms are being updated, including the bankruptcy...more

Deputy Attorney General Yates Expands on DOJ’s White-Collar Prosecution Policy

On November 16, the DOJ’s Deputy AG Sally Yates delivered remarks at the American Bankers Association and American Bar Association Money Laundering Enforcement Conference. Yates focused her remarks on recent revisions –...more

Supreme Court Conducts Oral Argument On Spokeo Case

On November 2, 2015, the United States Supreme Court conducted oral argument in a case that will decide the question of whether violation of a statute alone, without other “concrete” injury, can give a plaintiff access to...more

What Are Your Options When You Think That Your Arbitrator Has Gone Out Of Control?

You don't have many options when you think that the arbitrator who you agreed to hear your case has delivered a plainly wrong arbitration award. In fact, you probably have none at all. The Defendants in the NC Business...more

Inclusive Communities And Disparate Impact Under The Fair Housing Act

In its recent Inclusive Communities decision the Supreme Court held (5-4) that disparate impact claims are cognizable under the Fair Housing Act. The authors discuss disparate impact prior to the case, HUD’s disparate impact...more

Mortgage Lender Settles Disability-Based Discrimination Complaint

The Department of Housing and Urban Development’s Office of Fair Housing and Equal Opportunity (FHEO) has announced its successful negotiation of a “conciliation agreement” between the parties to a lawsuit alleging...more

Recent Class Actions Challenge Property Inspection Charges

From origination through final payoff, plaintiffs’ counsel look for claims in just about every aspect of the relationship between borrowers and their mortgage lenders. Recently, scrutiny has turned to property inspections...more

What Knowledge Of A Potential Cause Of Action Starts The Limitation Clock Running?

Even where a claim is evidentially weak, and the relevant law complex, the limitation period starts as soon as a claimant has enough facts to make its cause of action complete. Under s32 Limitation Act 1980 (the Act), if a...more

Indiana Court Weighs in Deficiency Judgments

The Indiana Court of Appeals recently held that creditors must move for an in personam remedy in the original foreclosure judgment or forfeit their right to collect deficiency funds. In Elliott v. Dyck O’Neal, the bank...more

Midland Has Appealed to the U.S. Supreme Court

Madden v. Midland Funding, an important court case for marketplace lending may now be heard at the Supreme Court. We have been following the Madden v. Midland Funding case as it makes its way through the court system....more

Investment Management Legal + Regulatory Update - November 2015

Regulation - OCIE Cautions Advisers on Outsourcing Compliance Activities: In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced...more

Can A Receiver Be Appointed To Take Possession And Safeguard Transferred Property Pending Trial Of A Fraudulent Transfer Action?

QUESTION: I know receivers often bring actions to set aside fraudulent transfers and recover the property transferred, but can a receiver be appointed in a fraudulent transfer lawsuit to take possession of and safeguard...more

Second Circuit Upholds Common-Interest Privilege for Borrower’s Sharing of Legal Advice with Consortium of Lenders

The Second Circuit held last week that a borrower did not waive the attorney-client privilege by providing documents to a consortium of lender banks that shared a common legal interest with the borrower in the tax treatment...more

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