General Business Civil Procedure Finance & Banking

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LongPath Capital, LLC v. Ramtron Int'l Corp., C.A. No. 8094-VCP (Del. Ch. June 30, 2015) (Parsons, V.C.)

In this appraisal action, the Court of Chancery determined that the negotiated merger price less synergies yielded the fair value of Ramtron International Corporation (“Ramtron”) for purposes of Section 262 of the Delaware...more

English schemes of arrangement: some practical advice for proponents

Van Gansewinkel Groep BV, Re [2015] EWHC 2151 (Ch) - In what appears to be a growing trend, the High Court in England has sanctioned another scheme of arrangement involving non-English companies. Last week’s judgment...more

Abu Dhabi Global Markets: New Regulations: Application of English Law Regulations

The Application of English Law Regulations (in this section, the ‘’Regulations’’) provide for the application of English common law and certain English statutes in the Abu Dhabi Global Market, however, these...more

California Court Dismisses Tolling Subclass Claims With Prejudice, Finding Issues Barred By Law Of The Case Doctrine

We have previously reported on a case styled Munoz v. PHH Corp., one of similar suits alleging putative class actions under the Real Estate Settlement Procedures Act arising from purported “sham” reinsurance transfers...more

Orrick's Financial Industry Week in Review

The Restructuring Mid-Summer Review: Europe and the Emerging Markets - For those focused on the debt restructuring market, the Greek sovereign crisis (covered extensively in our recent updates1) has drowned out news of...more

NC Court of Appeals Weighs in on Multiple Creditor’s Rights Issues

The NC Court of Appeals has issued a number of opinions this year involving lender foreclosure or collection efforts. Not all of the holdings have been monumental, but there is a common thread of useful principles,...more

JPMorgan Settles RMBS Class Action

On July 17, 2015, lead plaintiffs filed a stipulation and agreement settling a 2009 class action lawsuit against JPMorgan Chase & Co. (“JPMorgan”) alleging that the bank had misrepresented the quality of loans underlying $10...more

Morgan Stanley and Natixis Win Dismissal of RMBS Claims

On July 14, 2015, Justice Friedman of the New York State Supreme Court for the County of New York granted in part Morgan Stanley & Co.’s motion to dismiss fraud claims brought by HSH Nordbank AG (“HSH”) and Carrera Capital...more

DC Circuit Bars Retroactive Application of Dodd-Frank Act Provisions Permitting SEC to Bar Association with Municipal Advisors and...

On July 14, the U.S. Court of Appeals for the District of Columbia Circuit ruled that Dodd-Frank Act provisions authorizing the SEC to punish certain misconduct by barring association with municipal advisors and rating...more

11th Circuit: Representations by Attorneys in Debt Collection-Related Court Filings Actionable Under FDCPA

In Miljkovic v Shafritz & Dinkin, 2015 WL 3956570, a panel of the 11th Circuit held that representations made by an attorney in required court filings during the course of debt collection litigation can be actionable under...more

Naked Liens – Stripping Prohibited

In June, the US Supreme Court decided the case of debtors in bankruptcy desirous of stripping off a lender’s real estate lien that was fully in excess of the fair market value of the real estate. The Supreme Court unanimously...more

Lead generator files petition to set aside CFPB CID

A lead generation company and its employee recently filed a petition with the CFPB to modify or set aside a civil investigative demand (CID). Among the arguments made in the petition for why the CID should be set aside is...more

Ontario Court of Appeal Confirms Parties May Adjudicate Contract Disputes Through Application Despite Factual Questions

In a recent decision, Energy Fundamentals Group Inc. v. Veresen Inc. (Veresen), the Ontario Court of Appeal confirmed that, even where there are factual questions the court must resolve, a contract dispute may be adjudicated...more

New UK Financial List for Resolution of Complex Financial Disputes

The UK is to introduce a new means of resolving high value or complex financial disputes, to be known as the Financial List. This will be a specialist list for the following types of claims: - Financial claims of £50...more

Delaware USDC Analyzes Contract Integration; Remands to Bankruptcy Court for Debtor to Assume or Reject One Integrated Agreement

On July 13, 2015, the United States District Court for the District of Delaware issued a memorandum opinion in Huron Consulting Services, LLC v. Physiotherapy Holdings, Inc. et al., Civ. No. 14-693-LPS. Chief Judge Leonard...more

The UK continues its objective stance on rescue procedures

The High Court has considered whether a winding-up petition is permitted where the Petitioner has a collateral purpose for bringing the petition. The collateral purpose, also referred to as an ulterior motive, would result in...more

Standing in the Shoes or Freeing Evil Zombies? The Public Policy of Applying the In Pari Delicto Defense to Actions Brought by a...

In pari delicto is an equitable defense asserted when a defendant claims that a plaintiff is equally at fault for the wrong that has befallen him. The doctrine is “rooted in the common-law notion that a plaintiff’s recovery...more

Unfinished Negotiations Might Generate Treble Damages

The North Carolina Business Court has recognized a new type of claim: a claim for failing to negotiate in good faith. Raising the stakes further, the court has held that failing to negotiate in good faith could lead to treble...more

U.S. Supreme Court Resolves Uncertainty Regarding Junior Mortgage Liens in Chapter 7 Proceedings

A recent U.S. Supreme Court case resolves uncertainty as to whether Bankruptcy Code Section 506(d) allows Chapter 7 Bankruptcy debtors to "strip off" (void) junior mortgage liens that are wholly underwater. That uncertainty...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

It Just Got Harder to Get a Deficiency Judgment in North Carolina

Ya’ll. (I’m in the South so it’s ok to say “ya’ll” even in a legal update). It shouldn’t be that hard to get a deficiency judgment in North Carolina. To start with, unlike some other states, North Carolina does not have a...more

Nevada Legislation Restores Rights to Note Purchasers

The Nevada Legislature ended its 2015 session on June 1. The Nevada Legislature meets in odd numbered years for 120 days, so it will not meet again until 2017, unless the Governor calls a special session. The Legislature...more

Maryland Court of Appeals Rules Borrowers Barred By Three-Year Statute of Limitations in HELOC Decision

On June 23, The Court of Appeals of Maryland reversed the judgment of the Court of Special Appeals in Windesheim v. Larocca, 2015 WL 3853500 (MD. 2015), holding that the statute of limitations for a mortgage origination fraud...more

U.S. Bank Sues Countrywide for $178M in RMBS Losses

On June 25, 2015, U.S. Bank, in its capacity as Trustee for the LXS 2007-7N Trust, filed a summons with notice in New York Supreme Court against Countrywide Home Loans (“CHL”), Countrywide Home Loans Servicing LP...more

Schemes Of Arrangement And Why Loan Note Investors Should Be Wary Of Governing Law Amendment Mechanisms

In the matter of DTEK Finance B.V. [2015] EWHC 1164 (Ch), 28 April 2015, a change in the governing law of loan notes from New York law to English law was sufficient to found jurisdiction for the English court to sanction a...more

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