Civil Remedies Finance & Banking Civil Procedure

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

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

CFPB Reaches Out to Offshore Payday Lenders With Federal Complaint

Why it matters - The Consumer Financial Protection Bureau (CFPB) filed a new complaint against several commonly owned payday lenders, alleging that the defendants engaged in unfair, deceptive, and abusive acts and...more

Financial Services Weekly News - September 2015

Regulatory Developments - California Department of Business Oversight Permits Money Transmitter to Treat Customer Funds in Designated Custodial Account as “Eligible Securities” - The California Department of...more

Finally, a SOL Decision Focused On Unjust Enrichment and Inequitable Results

This week, the First District Court of Appeals joined the Fourth District Court of Appeals in holding that Florida’s five-year statute of limitation (SOL), under Fla. Stat. § 95.11(2)(c), did not bar the lender’s second...more

No Damages Awarded for ERISA Plan Fund Mapping Claims

Mapping in a 401(k) plan occurs when an investment option is removed and the participant’s investment in that option is transferred to a different investment option (absent direction from the participant). On remand from the...more

The Viability of the Equitable Mootness Doctrine in the Third Circuit: A Moot Point?

In the bankruptcy context, effectively appealing an order confirming a debtor’s plan of reorganization is not always a sure bet, as a court may refuse to entertain the appeal in the name of equitable mootness. Equitable...more

You Won Your Case — Now What? SCC to Consider Intersection of Judgment Enforcement and Privacy Rights

A plaintiff wins judgment, but the defendant (judgment debtor) refuses to pay or provide information necessary for the plaintiff (judgment creditor) to realize against the debtor’s assets. When and how can the creditor obtain...more

Third Circuit holds that only “material” representations by a debt collector are actionable under the FDCPA

Joining a national trend, the United States Court of Appeals for the Third Circuit recently held that a plaintiff must allege more than just a misleading representation to prevail on a claim under the Fair Debt Collections...more

Borrowers’ Counsel Sanctioned for Frivolous Lawsuit Against Lender Who Attempted to Resolve Foreclosure Action

An Ohio appellate court has affirmed an order of sanctions against counsel for borrowers who filed a frivolous lawsuit against the lender alleging fraud, breach of contract and estoppel in connection with failed attempts to...more

Seventh Circuit Holds That Risk of Future Fraudulent Charge on Credit Card Sufficient to Withstand Motion to Dismiss

During the 2013 holiday season, Neiman Marcus, like many other retailers, discovered that its payment card systems had been compromised and customers’ credit and debit card information was potentially stolen....more

ERISA (11th Cir.): Tougher for Claimants to Win ERISA Statutory Penalty Claims

We see plaintiffs asserting an ERISA claim for statutory penalties more frequently now. These claims seek statutory penalties (up to $110 per day), alleging the plan administrator “fail[ed] or refus[ed] to comply with a...more

Third Circuit Rules That Actual Harm Needed for Monetary Equitable Remedy

The Third Circuit recently held that a plaintiff was not entitled to a monetary, equitable remedy under ERISA § 502(a)(3) where he failed to prove actual harm. Perelman v. Perelman, Nos. 14–1663, 14–2742, 2015 WL 4174537 (3d...more

Delaware Bankruptcy Court Allows Debtor to Sidestep “Make-Whole” Payment

Bankruptcy Judge Christopher S. Sontchi recently ruled in the Energy Future Holdings case that the debtor will not be required to pay the $431 million “make whole” demanded by bondholders upon the debtor’s early payment of...more

Banking Disputes Quarterly - Q2 2015

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

Lenders Face Attorney Fee Liability for Preliminary Injunction Stopping “Dual Tracking”

Cases featuring “dual tracking” claims under California’s Homeowner Bill of Rights seem to be all the rage these days. My last post, Tender Not Required for a “Dual Tracking” Claim, highlighted a recent Court of Appeal...more

Economic Analysis in Fiduciary Monitoring Disputes Following the Supreme Court’s ‘Tibble’ Ruling

The topic of fiduciary monitoring is receiving a lot of attention in the aftermath of the U.S. Supreme Court decision in Tibble v. Edison (‘‘Tibble’’). In this decision, the Court ruled that plan fiduciaries have a...more

Iranian Bank Entitled To Recover Damages For Losses Suffered As A Result Of Unlawful Treasury Restrictions

We consider here the judgment of the High Court (Commercial Court) in Mellat v HM Treasury [2015] EWHC 1258 (Comm) (6 May 2015). The judgment relates to three preliminary issues of law in a claim by an Iranian bank, Bank...more

New York Court of Appeals Provides Guidance on Deficiency Judgments

The level of proof that a lender must submit to obtain a deficiency judgment following a mortgage foreclosure was recently clarified by the New York Court of Appeals. Under RPAPL § 1371, a lender may seek a deficiency...more

Next Supreme Court Term Promises Significant Class Action Ruling

Next term, the U.S. Supreme Court will decide whether Congress has the power to grant jurisdiction to plaintiffs who have suffered no concrete harm by authorizing them to sue based solely on violations of federal statutes....more

Asset Tracing in the British Virgin Islands

In this article, we will discuss some of the tools available to a party in the British Virgin Islands (BVI) to seek to recover property, or proceeds of property, which have been misappropriated. It is not surprising that in...more

Illinois AG Madigan Announces $1 Million Settlement Regarding Company’s Management of Foreclosed Properties

On June 3, Illinois AG Madigan announced a $1 million settlement with an Ohio-based company that mortgage lenders hire to manage properties throughout the foreclosure process and ensure that the properties retain their value....more

Second Circuit Denies Stay of Injunction for American Express

Earlier today the U.S. Court of Appeals for the Second Circuit issued an order denying American Express’s motion for a stay of an injunction requiring AmEx to modify its rules prohibiting merchants from steering customers to...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

Locke Lord QuickStudy: Rhode Island Superior Court Decision Impacting Servicers

A Rhode Island superior court recently ruled that, pursuant to R.I. Gen. Laws § 34-27-3.2, foreclosing lenders are required to send mediation notices in any foreclosure initiated after the effective date (October 2014)...more

Great News for Lenders—A Recent Decision Further Limits the Sham Guaranty Defense

Recently, and shortly after my visit to several lender clients to make presentations regarding, among other topics, the enforceability of commercial guaranty agreements and the sham guaranty defense, the California Court of...more

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