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Civil Remedies Finance & Banking Civil Procedure

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

When can a note trustee lawfully adopt expenses incurred by noteholders? UBS AG, London Branch v. GLAS Trust Corporation Ltd. and...

by Dentons on

The Commercial Court considered the extent to which it was lawful for a note trustee to adopt and pay expenses incurred by a group of noteholders in obtaining advice in relation to a securitisation. While the judgment deals...more

Second Circuit Overturns Convictions, Dismisses Indictments In LIBOR Case Due To Taint Of Testimony Compelled By Foreign...

by Shearman & Sterling LLP on

On July 19, 2017, the United States Court of Appeals for the Second Circuit overturned the convictions of Anthony Allen and Anthony Conti, former traders at Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”)...more

Southern District Of New York Dismisses Securities Fraud Claims For Failure To Plead Reliance And Scienter

by Shearman & Sterling LLP on

On July 10, 2017, Judge John G. Koeltl of the United States District Court for the Southern District of New York dismissed a putative securities fraud class action against E*TRADE Securities LLC (“E*TRADE”), E*TRADE Financial...more

CFPB Suffers Setback in RESPA Lawsuit

by Dorsey & Whitney LLP on

A District Court in Kentucky recently rejected the Consumer Financial Protection Bureau’s (“CFPB”) claim against a law firm brought under the Real Estate Settlement Procedures Act (“RESPA”), granting the law firm summary...more

State AGs seek injunction against Dept. of Education postponement of the Borrower Defense Rule; DeVos continues “regulatory reset”...

by Ballard Spahr LLP on

Eighteen states and the District of Columbia have filed suit against Secretary of Education Betsy DeVos seeking an injunction of the Department of Education’s indefinite postponement of the Obama Administration’s Borrower...more

Recent Arizona Commercial Law Cases

by Snell & Wilmer on

Over the last few months there have been several significant commercial law cases in Arizona. These have included four Court of Appeals and three Supreme Court cases, each addressing common loan document provisions and...more

Eighth Circuit Vacates Disgorgement Order As Time-Barred Under Kokesh But Leaves Injunction Undisturbed

by Shearman & Sterling LLP on

On June 29, 2017, the United States Court of Appeals for the Eighth Circuit vacated a disgorgement order against Crawford Capital Corporation, a venture capital firm, and its owner, Paul D. Crawford, citing the U.S. Supreme...more

District of New Jersey Grants Summary Judgment and Strikes Class Allegations in TCPA Case

by Goodwin on

Last week, the District of New Jersey issued a noteworthy opinion in a putative TCPA class action against TD Bank and Target. In Martinez v. TD Bank USA, N.A. et al., 2017 WL 2829601 (D.N.J. June 30, 2017), the court held...more

Supreme Court Rules That Equitable Tolling Does Not Apply to Section 13 of the Securities Act

In one of the first cases argued before new Justice Neil Gorsuch, the Supreme Court in California Public Employees’ Retirement System v. ANZ Securities, Inc. (CalPERS), No. 16-373, slip op. at 16-17 (June 26, 2017), decided...more

Court Reviews Damages For Mental Anguish, Exemplary Damages, and Other Categories For A Trustee’s Breach Of Fiduciary Duty

by Winstead PC on

In Wells Fargo v. Militello, a trustee appealed a judgment from a bench trial regarding a beneficiary’s claims for breach of fiduciary duty, negligence, and fraud. No. 05-15-01252-CV, 2017 Tex. App. LEXIS 5640 (Tex....more

Kerfuffle on statute of limitations issue in PHH case

by Ballard Spahr LLP on

On June 7, the CFPB submitted a Rule 28(j) letter to the D.C. Circuit in the PHH case. In the letter, the CFPB embraced the fact that the Supreme Court’s recent Kokesh v. SEC decision makes the five-year statute of...more

Bridging the Week - June 2017 #2

Diamonds May Be Forever, but US Supreme Court Rules SEC Ability to Seek Disgorgement Limited to Five Years: The United States Supreme Court ruled last week that the Securities and Exchange Commission may only commence...more

U.S. Supreme Court Rules That SEC Disgorgement Is Subject to a Five-Year Limit

The U.S Securities and Exchange Commission (SEC) has frequently used disgorgement as a tool to strip wrongdoers of ill-gotten gains. The aim of disgorgement is to return the wrongdoer to the position he or she was in before...more

Dissipation of Assets May be Tort Under English Law: Marex Financial Limited v. Carlos Sevilleja Garcia [2017] EWHC918

by Bryan Cave on

There is a joke that freezing injunctions are dangerous to heath. They appear to be carcinogenic, as people subject to them often tell the Court they are too ill to engage with proceedings....more

Sixth Circuit Rejects Per Se Rule Automatically Mooting Sale Appeals in the Absence of a Stay

by Jones Day on

Debtors beware: The Sixth Circuit Court of Appeals has recently expanded the ability of parties to appeal a bankruptcy court's approval of a sale of assets notwithstanding the statutory mootness rule set forth in section...more

Massachusetts AG Obtains Judgment Against Online Auto Title Lender for Illegal Loans

by Goodwin on

On May 25, 2017, Massachusetts Attorney General Maura Healey (“Massachusetts AG”) announced? a final judgment and permanent injunction entered? in Suffolk Superior Court against an unlicensed ?online auto title lender,...more

Supreme Court Rules Creditors May Pursue Claims for Stale Debt in Bankruptcy

by PretiFlaherty on

With its recent opinion inMidland Funding, LLC v. Johnson, the Supreme Court has put to rest the question of whether or not filing stale claims violates the Fair Debt Collection Practices Act (“FDCPA”), determining that...more

Supreme Court judgment in the long-running Lehman Waterfall litigation

by Dentons on

On 17 May 2017, the UK Supreme Court handed down judgment in proceedings - commonly known as the Waterfall I litigation - to determine claims with regard to the estimated £8 billion surplus arising in the estate of Lehman...more

Fourth Circuit Applies Spokeo to Vacate $11.7 Million Class Action Judgment

by Williams Mullen on

The U. S. Court of Appeals for the Fourth Circuit has held that a class representative who failed to allege a concrete injury from incomplete or incorrect information on his credit report did not satisfy the standing...more

North Carolina Supreme Court Adopts "Substantial Competent Evidence" Requirement for Borrowers Asserting "True Value" Defense in...

by Ward and Smith, P.A. on

On Friday, May 5, 2017, in a major victory for lenders, the North Carolina Supreme Court reversed the North Carolina Court of Appeals’s decision in United Community Bank v. Wolfe. In July 2015, the Court of Appeals decided in...more

Bankruptcy Settlements Post-Jevic: Potential New Requirements for Priority-Altering Settlements

As noted in a recent Distressing Matters post, the United States Supreme Court in In re Jevic Holding Corp. held that debtors cannot use structured dismissals to make payments to creditors in violation of ordinary bankruptcy...more

Bank Loses Stay of Court Judgment Upholding Broad FinCEN Discretion

by Ballard Spahr LLP on

“Sometimes, the third time really is the charm” wrote the District Court for the District of Columbia on April 14, 2017. In its opinion, the court upheld FinCEN’s imposition of the Patriot Act’s fifth special measure against...more

Conflicts of Laws, Deficiency Actions, and Statutes of Limitations – Oh My!

by Snell & Wilmer on

What law governs a deficiency action if the choice-of-law provisions in the note and deed of trust conflict? The Arizona Court of Appeals answered that very question in ZB, N.A. v. Hoeller, No. 1 CA-CV 16-0071 (Ct. App. April...more

California’s Supreme Court Holds Arbitration Clauses Cannot Waive Public Injunctive Relief

by Robins Kaplan LLP on

In what will likely result in a certiorari petition, the Supreme Court of California unanimously ruled that consumers cannot contractually waive their right to pursue public injunctive relief through a pre-dispute arbitration...more

Right to Seek Injunctive Relief Cannot be Waived by Arbitration Provision - Arbitration Agreement does not Provide Shield from...

by Best Best & Krieger LLP on

An arbitration agreement preventing individuals from seeking injunctive relief was void as contrary to California public policy and could not be enforced under California law, the California Supreme Court recently determined...more

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