Civil Remedies Finance & Banking Civil Procedure

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New York court orders worldwide discovery from Spanish bank

In a recent decision that is now on appeal, a New York federal judge ordered a Spanish bank that maintained a New York branch to make inquiry of “all branches, within and without New York State,” for account information that...more

Privy Council Clarifies When Innocent Third Parties are Liable to Victims of Fraud

To what extent must a bank make inquiries as to the commercial purpose of a transaction, particularly a transaction involving an offshore structure? And when is a bank liable to compensate a victim of theft for receiving...more

Clarifying the Meaning of “Fair Market Value” in Deficiency Suits

Section 51.003 of the Texas Property Code entitles borrowers to an offset against deficiency judgments in the amount the property’s fair market value, if, on the date of foreclosure, the fair market value exceeds the...more

Challenge to Trustee’s Standing to Foreclose Dismissed as Moot after Loan Modification

In Matt v. HSBC Bank USA, N.A., the U.S. Court of Appeals for the First Circuit dismissed as moot a borrower’s claims that HSBC as Trustee for the investor lacked authority to act under the terms of the mortgage....more

Target and MasterCard Reach $19 Million Agreement Over Data Breach

On April 15, retail company Target agreed to set aside up to $19 million to settle claims brought by MasterCard and its credit card issuers to cover operational costs and fraud-related losses resulting from a data breach...more

Plaintiff in Foreclosure Action Snared by Evidence of Damages, Attorney’s Fees & Costs

In Colson v. State Farm Bank, F.S.B., Case No. 2D13-5526, Florida’s Second District Court of Appeals just reversed a final judgment of foreclosure entered in favor of the plaintiff, finding that a “total lack of evidence as...more

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

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