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Civil Procedure Finance & Banking

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

Supreme Court Rejects Tolling Argument for Nonnamed Class Members’ Section 11 Claims

by Foley & Lardner LLP on

On June 26, 2017, the Supreme Court issued a 5-4 decision in California Public Employees’ Retirement System v. ANZ Securities, Inc., et al. (No. 16-373), holding that tolling does not apply, when a class action is pending, to...more

Supreme Court Rules That Equitable Tolling Does Not Apply to Section 13 of the Securities Act

In one of the first cases argued before new Justice Neil Gorsuch, the Supreme Court in California Public Employees’ Retirement System v. ANZ Securities, Inc. (CalPERS), No. 16-373, slip op. at 16-17 (June 26, 2017), decided...more

Supreme Court Limits The Time For Filing SA §11 Suits

by Dorsey & Whitney LLP on

The Supreme Court concluded that the three year limitation period applicable to Securities Act Section 11 claims cannot be extended or tolled. California Public Employees’ Retirement System v. Anz Securities, Inc., No. 16-373...more

Banking & Financial Services E-Note - June 2017

by Burr & Forman on

In an article published by BlockTribune on June 15, 2017, Atlanta Partner Ed Snow provides insight into the use of blockchain technology by financial institutions. Please see full E-Note below for more information....more

The Supreme Court Clarifies Definition of “Debt Collector” Under FDCPA

by Miles & Stockbridge P.C. on

On June 12, 2017, the Supreme Court of the United States (the “Court”) issued a decision clarifying who qualifies as a “debt collector” under the Fair Debt Collection Practices Act (“FDCPA”), 15 U.S.C. § 1692, et seq. In the...more

Delaware Supreme Court Affirms Dismissal Of "Demand-Refused" Derivative Suit Regarding Alleged Misconduct In Foreign Exchange...

by Shearman & Sterling LLP on

On June 19, 2017, the Supreme Court of Delaware affirmed the dismissal of a shareholder derivative suit against the board of directors of The Bank of New York Mellon Corporation (“BNYM”) in which plaintiff had asserted a...more

Court Reviews Damages For Mental Anguish, Exemplary Damages, and Other Categories For A Trustee’s Breach Of Fiduciary Duty

by Winstead PC on

In Wells Fargo v. Militello, a trustee appealed a judgment from a bench trial regarding a beneficiary’s claims for breach of fiduciary duty, negligence, and fraud. No. 05-15-01252-CV, 2017 Tex. App. LEXIS 5640 (Tex....more

Supreme Court Decides California Public Employees' Retirement System v. ANZ Securities, Inc., No. 16-373

by Faegre Baker Daniels on

On June 26, 2017, the United States Supreme Court decided California Public Employees’ Retirement System v. ANZ Securities, Inc., No. 16-373, holding that the three-year statute of repose in the Securities Act of 1933 cannot...more

TransUnion Hit with Record $60 Million Dollar Verdict in FCRA Class Action

by Hinshaw & Culbertson LLP on

A California jury recently returned a large verdict in a Fair Credit Reporting Act ("FCRA") case which alleged that TransUnion's credit reporting confused the class consumer names with the names of criminals and terrorists on...more

Will he or will he not issue the arbitration rule?

by Ballard Spahr LLP on

I have previously expressed serious doubt whether Director Cordray will issue a final arbitration rule. In the CFPB’s last semi-annual regulatory agenda issued last year, the CFPB stated that the arbitration rule would be...more

THIS CHANGES EVERYTHING—Second Circuit Holds that Contractual Consent Provisions Cannot be Revoked

by Dorsey & Whitney LLP on

This is the biggest TCPA news since the Omnibus—a silver bullet to defeat most revocation cases was hiding in plain sight the entire time. It seems so obvious now. ...more

Appellate Court Notes

by Pullman & Comley, LLC on

Appellate Court Advance Release Opinions: - AC38945 - Shook v. Bartholomew - AC38945 - Shook v. Eastern Connecticut Health Network, Inc. Defendants could not appeal plaintiff’s verdict in this motor vehicle accident...more

Spokeo And Standing: Fourth Circuit Applies Spokeo And Reverses Nearly $12 Million FCRA Action Judgment

by King & Spalding on

On May 11, 2017, the U.S. Court of Appeals for the Fourth Circuit issued an opinion in Dreher v. Experian Information Solutions, Inc., reversing and dismissing a nearly $12 million award in a Fair Credit Reporting Act...more

Pennsylvania Federal Court Finds Continuing Violations Doctrine Applicable To RESPA Claims

by Carlton Fields on

A Pennsylvania federal court applied the continuing violations theory to RESPA’s one-year statute of limitations, and allowed Plaintiffs leave to amend their complaint to modify their RESPA claim....more

Tenth Circuit Departs From Other Circuit Courts and Holds Plaintiff Bears the Burden of Proving Causation in ERISA Breach of...

by Littler on

On June 5, 2017, in a split decision to be published, the U.S. Court of Appeals for the Tenth Circuit held that the plaintiff bears the burden on each element of its Employee Retirement Income Security Act of 1974 (“ERISA”)...more

Report Shows 2016 Record-Setting Year for Class Action and SEC Settlements

Last week, proxy advisory firm Institutional Shareholders Services (“ISS”) published its semi-annual report of the top 100 U.S. securities class action settlements and top 50 SEC settlements of all time, as of December 31,...more

Latin America Dispute Resolution Update – The Latest Developments in Cross-Border Disputes Involving the US and Latin America

The Continuing Rise of Chinese Investment in Latin America - Chinese investment and transactions in Latin America exceeded US$125 billion in the last decade, and China is expected to continue to be a key player in Latin...more

Dutch Court Denies Approval of Collective Settlement Unless Changes Are Made as to Allocation of Compensation and Fees

The Amsterdam Court of Appeal denied approval of the €1.204 billion collective settlement of former Fortis (now Ageas) shareholders’ claims unless the parties agree to restructure the allocation of the settlement amount among...more

Financial Services Report - Summer 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien,...more

District Court Rebuffs CFPB’s RESPA “Continuing Violations” Theory

by Foley & Lardner LLP on

On June 6, 2017, a federal district court in Menichino v. CitiBank rejected an interpretation of the RESPA Section 8 statute of limitations espoused by the CFPB in captive reinsurance cases, instead concluding that RESPA’s...more

When is a Question of Fact NOT a Question of Fact?

His light was red, swore the nuns. My light was green, slurred the drunk. Question of fact, ruled the judge. Summary judgment, denied. If cases were that simple, our courts wouldn’t have enough to do. Trial court motion...more

D.C. District Court Determines that Dakota Access Environmental Assessment was Inadequate

On June 14, 2017, the District Court for the District of Columbia issued a decision in Standing Rock Sioux Tribe v. U.S. Army Corps of Engineers. The Court found that the Army Corps of Engineers (“the Corps”) had not...more

Implications of the Supreme Court's Kokesh Decision

by WilmerHale on

Earlier this month, the Supreme Court ruled unanimously in Kokesh v. SEC that a claim for disgorgement arising from the violation of federal securities law constitutes a “penalty” for purposes of the general statute of...more

The New 2016 ALTA Commitment with Florida Modifications: Expressing the Limitations on Liability

by Carlton Fields on

A significant change to one of the standard title insurance forms recently took effect. The new 2016 ALTA Commitment with Florida Modifications both streamlines the existing features of the title insurance commitment and, for...more

New ALTA Closing Protection Letter With Florida Modifications Corrects Unfortunate Case Law

by Carlton Fields on

The new American Land Title Association (ALTA) Closing Protection Letter (CPL) form recently took effect in Florida. The new form both streamlines the previous CPL’s language and addresses and corrects many of the problems...more

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