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Wisconsin Foreclosure Sale Process Just Got a Lot Faster

Recently, in Bank of New York Mellon v. Carson, the Wisconsin Supreme Court issued a decision that, in the words of Justice David Prosser, Jr., “radically revises the law on mortgage foreclosures” and could significantly...more

Arizona Courts Lacks Authority To Stay Forcible Entry And Detainer Judgments When The Judgment Itself Is Not Pending Appeal

Can a court stay the execution of a Forcible Entry and Detainer (“FED”) action when the FED judgment itself is not appealed? The Arizona Court of Appeals recently addressed this question, holding that the court did not have...more

Arizona Court of Appeals Limits its Jurisdiction to Review Receivership Orders

On March 31, 2015, the Arizona Court of Appeals held in AEA Federal Credit Union v. Yuma Funding, Inc., that it lacked jurisdiction to hear an appeal from an order declining to set aside an order appointing or releasing a...more

The Golf Channel Needs a Mulligan

“Mulligan,” in golf parlance, is the opportunity to hit a golf shot, a “do over,” when the previous shot was not quite the one desired by the golfer. The “Mulligan” replaces the previous shot, which then does not count toward...more

Important Fair Debt Collection Practices Act Holding by the Third Circuit Court of Appeals: Misstatements in Foreclosure...

On April 7, 2015, a decision in the case of Kaymark vs. Bank of America, N.A. was handed down by the Third Circuit Court of Appeals, in a precedential opinion authored by Judge Fisher and joined in by Judges Fuentes and...more

The Narrow Contours of the Implied Covenant of Good Faith

Delaware law implies a covenant of good faith and fair dealing into every contract. The Delaware Supreme Court's recent opinion in Nationwide Emerging Managers LLC v. NorthPointe Holdings LLC, No. 441, 2014 (Del. Supr., Mar....more

In Pursuit of Benefit Plan Overpayments

Benefit overpayments can (and often do) result from pension calculation errors that inflate a participant’s lump sum distribution or monthly pension payment. Overpayment scenarios are common in the disability and group health...more

Ameriprise Agrees to Pay $27.5 Million to Settle Fiduciary Breach and Prohibited Transaction Claims

Defendants Ameriprise Financial, Inc., the fiduciary committees of the Ameriprise 401(k) plan, and individual committee members agreed to settle a lawsuit brought by a class of participants in the Ameriprise 401(k) plan for...more

ERISA: Supreme Court to Determine Whether Money is Fungible…When it Comes to Recovery of Overpayments from ERISA Beneficiaries

When it comes to recovery of overpayments from ERISA beneficiaries… money is a fungible commodity in the Eleventh Circuit, but is not a fungible commodity in the Ninth Circuit....more

Full And Frank Disclosure Obligation Breached But Injunction Upheld

In JSC Mezhdunarodniy Promyshlenniy Bank & anr v Sergei Viktorovich Pugachev [2014] EWHC 4336 (Ch), 19 December 2014, Mann J refused to discharge a GBP 1.2 billion worldwide freezing injunction despite finding, inter alia,...more

STOLI Schemers Must Make Good on Damages Caused

Followers of stranger-originated life insurance (STOLI) issues have likely read over the last few years about Ohio National Life Assurance Corp. v. Davis and the favorable results the insurer obtained in its action against...more

Ameriprise Avoids Trial On Class Action Suit By Current and Former Employees With $27.5 Million Payment

In 2011, a group of current and former employees filed a class action lawsuit in the District Court of Minnesota claiming that Ameriprise Financial, Inc. and members of its 401(k) Plan fiduciary committee had breached their...more

Texas Supreme Court Opinion and Orders - 3/15

The Court issued its opinion in No. 13-0337, PlainsCapital Bank v. Martin. In an opinion by Justice Johnson (joined by Chief Justice Hecht, and Justices Green, Willett, Lehrmann, Devine, and Brown) the Court again addressed...more

Bankruptcy Beat: The Automatic Stay Does Not Preclude A Foreclosure Committee From Seeking Fees From A Non-Debtor Party In A...

On January 5, 2015, the Honorable Albert S. Dabrowski issued a decision concerning the applicability of the automatic stay of Bankruptcy Code Section 362(a) (the “Automatic Stay”), which decision highlights and clarifies...more

Second Circuit Revisits Remedies In Amara v. Cigna

The Second Circuit court of appeals held that a court can exercise its equitable powers to reform the terms of a cash balance retirement plan to provide greater benefits than stated in response to material misstatements made...more

Plan Sponsor Agrees to $62 Million Settlement in ERISA Case Challenging 401(k) Plan Fees

Lockheed Martin Corp. has settled the 401(k) excessive fee litigation pending against it in federal court in Illinois....more

Removal of Arbitrator for Impartiality Doubts under English Arb Act

In Sierra Fishing Company and others v Hasan Said Farran and others [2015] EWHC 140 (Comm), the English Court removed an arbitrator under section 24 of the Arbitration Act 1996. Under that provision, a party to an arbitration...more

Large Retailer Agrees to Pay $10 Million Related to Data Breach Incident

On March 19, a district court granted preliminary approval in which a large retailer agreed to pay $10 million to settle a class-action action suit related to a 2013 data breach, which resulted in the compromise of at least...more

If Receiver’s Sales Aren’t Foreclosures, What Are They?

When no statute specifically authorizes a court-appointed receiver to sell real property, what type of sale is it? The Supreme Court of Nevada recently addressed this question, holding that “a receiver sale of real property...more

Erasing The Invisible Line In The Sand: The Need To Amend Section 1307(C) Of The Bankruptcy Code To Establish A Statutory Basis Of...

Bad faith. These two words alone are troublesome to almost all attorneys, especially those who regularly practice in bankruptcy court. Yet there have always been Petitions for Relief filed for improper reasons. ...more

Professional Third Party Litigation Funders Held Liable for Indemnity Costs

The professional third party funders of a losing claimant were subject to a costs order on an indemnity basis as a result of, inter alia, the poor conduct of the claimant and its instructing solicitors during the course of...more

Finding the Earliest and Least Expensive Exit From Financial Services Class Actions

Effectively responding to class litigation doesn’t necessarily mean simply preparing an answer or perfunctory motion to dismiss, diving headlong into class discovery, investing in full-fledged combat on the merits of the...more

Second Circuit Holds That SIPA Does Not Permit an Inflation or Interest Adjustment to “Net Equity” Claims For Customer Property

In In re Bernard L. Madoff Investment Securities LLC, No. 14-97-bk(L), 2015 WL 727965 (2d Cir. Feb. 20, 2015), the United States Court of Appeals for the Second Circuit held that no adjustment for inflation or interest could...more

Rare Defendant Class Certified in Federal North Carolina Ponzi Scheme Class Action

Most of the cases that come to mind when you think “class action” consist of a large group of plaintiffs (hundreds or multiple thousands) seeking authorization to proceed as a class in one lawsuit against one or a handful of...more

Bernstein Shur Business and Commercial Litigation Newsletter #49

We are pleased to present the 49th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent cases that address patent infringement claims, erroneous termination of security...more

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