Civil Remedies Finance & Banking

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Ninth Circuit Breathes Life Into Participant’s Claim for Surcharge

A panel of the Ninth Circuit withdrew its earlier opinion and has now joined other circuits in finding that the equitable remedy of surcharge is available for participants seeking recovery of personal losses as opposed to...more

CFPB sues company for alleged credit card sham

A new lawsuit filed by the CFPB alleges that a Texas-based company, Union Workers Credit Services, deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card but, in...more

CFPB sues company for alleged credit card sham

A new lawsuit filed by the CFPB alleges that a Texas-based company, Union Workers Credit Services, deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card but, in...more

Massachusetts Fines Bank for Data Breach

On December 8, a large bank settled with the state of Massachusetts for $825,000 over a data breach that exposed the personal information of at least 260,000 customers. In March 2012, the bank allegedly lost unencrypted...more

Staffing Companies Hit with Class Action Alleging Violation of Fair Credit Reporting Act

Fair Credit Reporting Act class actions remain on the rise. The latest one of note was recently filed in Maryland federal court against staffing agencies Aerotek, Inc. and Allegis Group, Inc., alleging that they violated the...more

Bankruptcy Court Finds Debtor Entitled to a "Free House" Because Mortgage Foreclosure Complaint Barred by New Jersey Statute of...

Mortgage lenders should be aware of the New Jersey statute of limitations on mortgage foreclosure complaints. In In re Washington, 2014 Bankr. LEXIS 4649 (Bankr. D.N.J. Nov. 5, 2014), the United States Bankruptcy Court for...more

Credit Risk Retention Final Rule: Enforcement and Compliance Considerations

Predicting enforcement of the final rule regarding U.S. risk retention is an uncertain task. This OnPoint is designed to provide guidance on possibilities related to consequences of non-compliance, enforcement approaches by...more

Creditor's Willful Violation of Automatic Stay Results in Fee Award

In Snowden v. Check Into Cash of Washington Inc. (In re Snowden), 2014 DJDAR 12677, the United States Court of Appeals for the Ninth Circuit decided a bankruptcy case involving the award of attorney fees....more

Equitable Redemption: California Legislature Breathes New Life Into an Old Doctrine

A revision to the California Enforcement of Judgments Law (EJL) this year resurrected the judicial doctrine of equitable redemption and almost went unnoticed. It is a significant remedy for former real property owners who...more

CFPB Fines Debt-Settlement Firm

On December 4, the CFPB fined a New Jersey-based debt-settlement service provider $69,075 in civil monetary penalties for alleged violations of the FTC’s Telemarketing Sales Rule (TSR). The CFPB alleged that the firm charged...more

How Borrower Got 'Free House' In NJ Bankruptcy Case

The United States Bankruptcy Court for the District of New Jersey recently held in In re Washington, No. 14-14573-TBA, (Bankr. D.N.J. Nov. 5, 2014) that the mortgagee and mortgage servicer (“the creditors”) are time-barred...more

General Contractors Beware of Subordination Clauses

In California, a general contractor can usually rest assured that in the event of nonpayment, it can rely upon the remedy of a mechanics lien, which remedy is, in fact, even a constitutional right....more

FinCEN Fines Small Credit Union for BSA Violations

On November 25, FinCEN fined a small Florida-based credit union $300,000 in civil monetary penalties for violating the Bank Secrecy Act (BSA). From 2009 through 2014, FinCEN charged that, among other deficiencies within its...more

December 2014: Bankruptcy and Restructuring Update

Bankruptcy Code Section 502(d): Getting Back to Basics. Traders in distressed debt face a myriad of questions and issues when acquiring claims against a company in distress. One common issue that traders should always ensure...more

Second Circuit Affirms Dismissal of $56M MBS Suit against Bank of America

On November 25, the United States Court of Appeals for the Second Circuit upheld the dismissal of IKB Deutsche Industriebank AG’s suit against Bank of America. IKB alleged that BofA fraudulently misrepresented the quality of...more

SEC Charges Eight Audit Firms Charged With Independence Violations

The broker windows approach of filing groups of actions together which center on common theme is expanding to auditor independence. The Commission grouped proceedings naming as Respondents eight audit firms. Each Order...more

Enforcement of Arbitration Award by Equitable Execution over Foreign Assets

In Cruz City Mauritius Holdings v Unitech Ltd & ors [2014] EWHC 3131 (Comm), 2 October 2014, Males J allowed the application of the claimant for the appointment of receivers by way of equitable execution over the foreign...more

Editorial: Defendants Beware - Garnishment Writs Can Be Enforced Before Trial Court Rule

This case is a 2-1 opinion that allows a judgment creditor to garnish assets in the interim between the moment that a trial judge signs its final order disposing of post-trial motions and the time the final order is rendered...more

Letters of credit, on-demand bonds, and the "fraud exception"

On the 9th of September 2014, the Privy Council in the United Kingdom delivered a judgment in Alternative Power Solution Ltd. v. Central Electricity Board reaffirming the established principle that, other than in cases of...more

December 2014: Securities and Structured Finance Litigation Update

Recent Cases Signal That Victims of Terrorist Attacks May Be Able to Collect Damages from Financial Institutions. A pair of decisions from the United States Court of Appeals for the Second Circuit and United States District...more

CFPB announces consent order relating to alleged debt relief scam

The CFPB has announced that it has entered into a proposed consent order with Premier Consulting Group LLC and a related law firm to settle claims that the defendants charged consumers upfront fees in violation of the...more

SEC Settles Insider Trading Case With COO

The SEC and the DOJ have waged an aggressive battle against insider trading for years, resulting in a string of courtroom victories, guilty pleas and settlements as well as significant sanctions which are supposed to deter...more

Failure to Check DMV Records Rendered Search for Defendant Inadequate

In this Home Owners Association (HOA) lien foreclosure case, the Plaintiff was unable to locate the Defendant for service. HOA’s attorney filed an affidavit for service by publication, alleging...more

Credit Monitoring Company Enters Consent Order with Government Regarding Online ‘Negative Option’

The Federal Trade Commission (FTC) and the Attorneys General of Ohio and Illinois recently entered into a stipulated settlement order with a credit monitoring company arising out of the company’s alleged conduct concerning...more

Indecent Exposure: FTC Obtains Injunctions Against Debt Brokers for Improperly Published Consumer Information

On November 12, 2014, the Federal Trade Commission announced that the District Court for the District of Columbia had entered preliminary injunctions against two debt sellers which, together, had improperly posted personal...more

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