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Civil Remedies Finance & Banking Business Torts

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

McGill v. Citibank and Arbitration Agreements

On Thursday, April 7, 2017, in McGill v. Citibank, the California Supreme Court held that a pre-dispute arbitration agreement that waives the right to seek public injunctive relief is contrary to public policy and thus...more

Family breeds contempt: the expansion of the tort of conspiracy by unlawful means

by White & Case LLP on

The recent Court of Appeal decision in the long line of Ablyazov cases (Khrapunov v JSC BTA Bank1) has given contempt of court extra steel – being in contempt can constitute "unlawful means" in a tort claim for unlawful means...more

In Bizarre Procedural Posture, Ninth Circuit Finds FCRA Willful Violation

by Bass, Berry & Sims PLC on

In Syed v. M-I, LLC, the U.S. Court of Appeals for the Ninth Circuit recently held that combining a liability waiver and a Fair Credit Reporting Act (FCRA) disclosure in an employment application constitutes a willful...more

First Department Confirms Hedge Funds Did Not Act in Bad Faith and Affirms Multi-Million Dollar Judgment Against CDS Counterpart

In Good Hill Master Fund L.P. v. Deutsche Bank AG, No. 600858/10-2188B, 2017 BL 19363 (App. Div. 1st Dep’t Jan. 24, 2017), the First Department unanimously affirmed a judgment entered in the Commercial Division of over $90...more

Excalibur Litigation: Court of Appeal Confirms that Funders Will Be Put to the Sword

by White & Case LLP on

- In the recent decision of Excalibur Ventures v Texas Keystone and others, the Court of Appeal has provided important guidance on the extent to which third party funders may be required to pay the costs of a defendant who...more

Most Recent CFPB Supervisory Highlights Feature FCRA, LO Compensation and Debt Collection Issues

The Consumer Financial Protection Bureau’s most recent supervisory highlights publication featured issues relating to the Fair Credit Reporting Act, loan originator compensation and in-person debt collection that should be on...more

A Closer Look at the CFPB’s Proposed Short-Term Lending Rule

by Morrison & Foerster LLP on

As we previously reported in our June 3, 2016 client alert, the Consumer Financial Protection Bureau (“CFPB”) has issued a Notice of Proposed Rulemaking for short-term loans (“Proposed Rule”). In this follow-up alert, we take...more

After Favorable LIBOR Ruling from the Second Circuit, Investors Now Allege Anticompetitive SIBOR Manipulation

On July 5, 2016, investors filed a federal class action in the Southern District of New York alleging defendant banks had manipulated the Singapore Interbank Offered Rate (SIBOR) “and/or” Singapore Swap Offer Rate (SOR)...more

NY's DFS Reaches $3M Deal Involving Payday Lending Debts

Continuing its efforts against payday lenders, New York's Department of Financial Services (DFS) announced a consent decree with National Credit Adjustors (NCA) and Webcollex totaling $3 million....more

New York Supreme Court Rules that Merchant Lacks Standing to Sue MasterCard over Data Security Breach Assessments; All Merchants...

by Ropes & Gray LLP on

On May 5, the Commercial Division of the New York Supreme Court for Westchester County dismissed the complaint in Jetro Holdings, LLC v. MasterCard International, Inc., in which Jetro, a leading food service wholesaler, had...more

It Is All About The Disclosures

by Fox Rothschild LLP on

The SEC recently commenced an enforcement action against an investment advisory firm and its principal in connection with the failure to disclose material conflicts of interest in connection with new mutual funds that the...more

Compliance into the Weeds-Episode 8, big data, risk assessments, the compliance profession and implications from the Yates Memo [Video]

by Thomas Fox on

In this episode, Matt Kelly and myself take a deep dive into the use of big data in risk assessments and possible implications for the future of the compliance profession. We also review some of the implications of the Yates...more

LendingClub Hit With Class Action Over Usurious Interest

A New York resident, Ronald Bethune, accused LendingClub Corporation of violating the state's usury laws by charging him 29.97 percent interest on his loan—roughly twice the 16 percent limit under New York law and high enough...more

Eleventh Circuit Affirms Jury Verdict Against Mortgage Servicer for Extreme and Outrageous Conduct

by Balch & Bingham LLP on

Following the Eleventh Circuit’s decision last month in McGinnis v. American Home Mortgage Servicing, Inc., No. 14-13404, mortgage servicers should be aware that failing to recognize and correct miscalculations of a...more

Financial Services Quarterly Report - Fourth Quarter 2015: The VW Case and the German Act on Model Case Proceedings in Disputes...

by Dechert LLP on

Volkswagen AG (VW) has lost more than one-third of its value following the September issuance by the U.S. Environmental Protection Agency (EPA) of a Notice of Violation (NOV) of the Clean Air Act to VW and certain affiliated...more

Plaintiff Gets A Rare Win On A Motion For Reconsideration In The NC Business Court

by Brooks Pierce on

It's pretty hard to succeed at getting a Business Court Judge to reconsider a prior ruling and reverse himself. But the Plaintiff in RREF BB Acquisitions, LLC v. MAS Properties, LLC, 2015 NCBC 105, accomplished exactly that...more

Blog: So That’s A “Collective Investment Scheme” – The Court Of Appeal Sorts It Out (Part II); And The FCA Issues A Warning

by Cooley LLP on

The Supreme Court has refused to give the 16 defendants (*) in the FCA -v- Capital Alternatives Limited case permission to appeal against the decision of the Court of Appeal that an African Land Scheme and a Carbon Credit...more

Deposit Processing Is Subject of New UDAAP Enforcement

by MoFo Reenforcement on

The CFPB, OCC and FDIC (“the regulators”) took action on August 12, 2015 against three banks in the Citizens Bank corporate family, resulting in $11 million in required restitution and a total of $20.5 million in federal...more

Banking Disputes Quarterly - Q2 2015

by DLA Piper on

Welcome to the summer issue of Banking Disputes Quarterly, keeping you informed about the latest news and legal developments in banking disputes. In On the Horizon we look ahead to an important appeal to be heard by...more

The Monetary Risks of Filing an Involuntary Bankruptcy Petition

The Bankruptcy Code offers several advantages for the creditors of financially distressed individuals and corporations, including federal court supervision of a possibly untrustworthy debtor and mitigation of the risk of...more

Another SEC Insider Trading Case: Does it Comply With Newman?

by Dorsey & Whitney LLP on

The SEC continues to bolster its allegations regarding the relationships between tipper and tippee in insider trading cases as well as the knowledge of the tippee. Whether those allegations will be sufficient to meet the...more

Fore! Ponzi Scheme Lands The Golf Channel In The Rough

by Ervin Cohen & Jessup LLP on

Receivers handling Ponzi schemes and fraud cases are familiar with the concept of suing the “winners” in the scheme to recover transfers made to them in excess of their investment. Such suits are based on the theory that the...more

Montana Supreme Court Upholds $5 Million Punitive Award That Is Five Times The Compensatory Damages

Montana is known fondly to many as Big Sky Country, but it also is quickly gaining a reputation for big punitive damages awards. Not only are juries imposing breathtaking amounts of punitive damages with increasing...more

CFPB: Military Allotment Processor to Pay More Than $3M

Why it matters - A military allotment processor will pay $3.065 million for charging servicemembers millions of dollars in hidden, recurring fees, the Consumer Financial Protection Bureau (CFPB) has announced. Fort...more

CFPB announces settlement with processors of military allotments

by Ballard Spahr LLP on

The CFPB has announced a settlement with two companies that processed military allotments and were alleged to have charged fees to servicemembers that the companies failed to adequately disclose. The consent order requires...more

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