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Civil Procedure Finance & Banking

Read Civil Procedure updates, alerts, news, and legal analysis from leading lawyers and law firms:

Veil Piercing/Alter Ego Determinations – How Fund Managers Can Protect Themselves

A veil piercing claim can be a worst-case scenario for a private fund manager dealing with a struggling portfolio company investment – the company fails, and ensuing legal claims are brought not only against the portfolio...more

Financial Services Report - Fall 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - Through hurricanes, wild fires, the publication of Hillary Clinton’s book, the birth of Amal and George Clooney’s twins, and the Dodgers’ historic losing streak, Director Richard Cordray and the CFPB’s...more

A Void Default Judgment Is No Way To Establish Title

In a post from March of this year — Even a “Bona Fide Purchaser” Can’t Rely on a Void Judgment — we reviewed the recent decision from California’s Fourth District Court of Appeal, OC Interior Services, LLC v. Nationstar...more

Financial Services Weekly News - September 2017 #2

by Goodwin on

Editor's Note - In This Issue. Federal banking agencies are seeking public comment on their proposed revisions to the Community Reinvestment Act (CRA), the Consumer Financial Protection Bureau (CFPB) released a small...more

It’s About Context: CFPB Wins Bench Trial Against Third Party Servicer for Deceptive Advertising

by Goodwin on

On September 8, 2017, a judge in the Northern District California assessed a statutory penalty of $7,930,000 against Nationwide Biweekly Administration, Inc. (Nationwide) and issued an injunction prohibiting further deceptive...more

Judicial Estoppel Defense in Bankruptcy Claims Likely to Get More Difficult

A recent decision from the Court of Appeals for the Eleventh Circuit has impaired a valuable defense for early dismissal or settlement with bankrupt plaintiffs. This decision will affect strategy for mortgage originators,...more

Chris Lazarini Provides Insight on Lawsuit Dismissal on Res Judicata Grounds

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight on a lawsuit involving a former broker of Wells Fargo who sued the firm in state court for fraud and personal injury when the company initiated a foreclosure action...more

Investment Services Regulatory Update - September 2017

by Vedder Price on

Market and Product Developments - Securities Industry Implements T+2 Settlement Cycle - On September 5, 2017, the securities industry transitioned to a shorter settlement cycle for most broker-dealer securities...more

Ocwen Predictably Reaches High-Dollar TCPA Settlement Following Class-wide Preliminary Injunction

by Dorsey & Whitney LLP on

By the time the gavel struck back on June 26, 2017, another high-dollar TCPA settlement was inevitable. On that date, Judge Matthew F. Kennelly of the Northern District of Illinois entered an order preliminarily certifying a...more

Equifax Week Two: Hack Headaches Continue

The barrage of bad news for Equifax Inc. keeps getting worse. Here’s a recap of yesterday’s events: ? Mass AG Files Lawsuit – In the first enforcement action filed against Equifax Inc., the Massachusetts Attorney General...more

Procedural FACTA Violation Failed To Satisfy Article III’s Standing Requirement

by King & Spalding on

In Stelmachers v. Verifone, the United States District Court for the Northern District of California dismissed a Fair and Accurate Credit Transaction Act (“FACTA”) complaint because the plaintiff failed to satisfy Article...more

Supreme Court Declines to Resolve Circuit Split on Debt Recharacterization

On August 10, 2017, the U.S. Supreme Court rescinded the grant of certiorari in PEM Entities LLC v. Levin on the grounds that review had been “improvidently granted.” The case seemingly provided a perfect vehicle to resolve...more

A Pending Supreme Court Ruling Can’t Create a Claim that Doesn’t Currently Exist

After hearing oral argument at confirmation on August 30, 2017, the bankruptcy court for the Western District of Pennsylvania issued a written opinion in In re rue21, inc., et. al., Case No. 17-22045-GLT (Bankr. W.D. Pa....more

TCF National Bank obtains dismissal of CFPB’s Regulation E claims in overdraft services lawsuit

by Ballard Spahr LLP on

This past January, the CFPB filed a lawsuit against TCF National Bank in Minnesota federal district court that alleged that the bank, in connection with offering overdraft services, violated the Consumer Financial Protection...more

You Can’t Ignore RESPA Section 8(c)

by Foley & Lardner LLP on

It’s been over a year since the Consumer Financial Protection Bureau (CFPB) turned the real estate settlement services industry on its head by announcing in its first ever administrative appeal that Section 8(c) of the Real...more

Unusual procedural development in CFPB/NY AG lawsuit against RD Legal Funding

by Ballard Spahr LLP on

In an unusual procedural move last week in the RD Legal Funding case about which we have previously blogged, SDNY Judge Loretta Preska (the judge presiding over the CFPB’s lawsuit against RD Legal Funding) has referred to...more

Professor Sovern Disagrees with Senator Warren and Concedes that Consumers Do Well in Arbitration But Raises Another Red Herring

by Ballard Spahr LLP on

Professor Jeff Sovern has responded to our recent blog, “Senator Warren’s Numbers Don’t Add Up,” with a blog of his own. He does not contest the main point of our blog, which was that Senator Warren’s claim that consumers...more

CFPB Secures $7.9 Million Trial Verdict Against Mortgage Loan Servicer

by Goodwin on

On September 8, a federal judge in California ordered a national mortgage services company to pay a $7.9 million civil penalty based on false or misleading marketing statements it allegedly made to consumers about its...more

Senator Warren’s Numbers Don’t Add Up

by Ballard Spahr LLP on

In a press release issued earlier this week, Senator Elizabeth Warren argued that the CFPB’s arbitration rule should not be repealed under the Congressional Review Act because consumers recovered “in only 9 percent of the...more

600,000 Reasons to Comply with the Fair Credit Reporting Act

by Ward and Smith, P.A. on

The United States Court of Appeals for the Fourth Circuit—which covers federal courts in North Carolina—recently affirmed a borrower’s victory against a loan servicer under the federal Fair Credit Reporting Act (“FCRA”). In...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The White House announced its intention yesterday to blocked a China-backed investor from buying American semiconductor maker Lattice over national security concerns. The “rare move” could “signal more aggressive scrutiny of...more

Chris Lazarini Discusses Application of Inter-American Convention on International Commercial Arbitration

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case involving an international family dispute over the holdings in a brokerage account. In this instance, the primary owner of the account – a mother living in Columbia...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In an apparent effort to appease dissatisfied activist investors, chemicals giant DowDuPont has announced plans to change its breakup plan with an reorganizational structure that focuses on three “distinct businesses: an...more

Interesting and Useful Cases in Torts and Insurance - June 2017 in the Fourth Circuit Court of Appeals

by Nexsen Pruet, PLLC on

Nexsen Pruet attorney Marc Manos, a member of the SC Bar Torts and Insurance Practice Section Council, sheds light on a few recent cases from the Fourth Circuit Court of Appeals, focused in the area of Torts & Insurance....more

Supreme Court to Decide Whether Covered Class Actions May Be Litigated in State Court

As the beginning of the next US Supreme Court term nears, one case in particular has caught our attention, as the question presented asks whether state courts have jurisdiction over certain securities class actions. The case...more

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