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Lenders and Servicers: Be Aware of How Trustees Handle Excess Proceeds from HOA Foreclosure Sales in Nevada

Lenders and servicers have been addressing the issue of some Nevada courts ruling that a foreclosure sale by a homeowners association (HOA) "wipes out" a senior deed of trust. Since the date of our last legal alert on this...more

Federal Preemption Does Not Preclude State Law Claim Based on Alleged HAMP Violations, Minnesota Supreme Court Holds

The Supreme Court of Minnesota last week reversed the dismissal of a borrower’s action against a loan servicer arising out of the servicer’s alleged breach of its Servicer Participation Agreement (SPA) with Fannie Mae under...more

A Bad Turn For Reg A+ And Reg D?

SEC Commissioner Luis A. Aguilar gave a speech to an annual conference of the North American Securities Administrators Association, otherwise known as NASAA. On the issue of Reg A+ preemption of state law, the Commissioner...more

United States Supreme Court Resolves Circuit Split and Narrows Scope of SLUSA

In Chadbourne & Parke LLP v. Troice, Nos. 12-79, 12-86 and 12-88, 2014 U.S. LEXIS 1644 (U.S. Feb. 26, 2014), the Supreme Court of the United States resolved a split in the circuits regarding whether alleged misrepresentations...more

Supreme Court Rules that the Securities Litigation Uniform Standards Act Does Not Preempt State Law Claims

This week, the US Supreme Court narrowed the scope of the preemption provisions of the Securities Litigation Uniform Standards Act (SLUSA), which bars certain state law-based securities class actions. As a result, securities...more

The Supreme Court Narrows SLUSA’s Reach and Expands the Pool of Potential Defendants Subject to State Securities Law Class Actions

On February 26, 2014, the United States Supreme Court limited the reach of the Securities Litigation Uniform Standards Act of 1998 (SLUSA), thereby increasing the number of individuals and entities that may be surprised to...more

High Court Limits Application of Phrase “In Connection With” for Federal Securities Laws

On February 26, 2014, the U.S. Supreme Court ruled in Chadbourne & Parke LLP v. Troice et al. that the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) does not preclude class action lawsuits asserting state law...more

Supreme Court Narrows The Scope Of SLUSA Preemption, Green-Lighting State Law Class Action Claims Alleging Ponzi Scheme

On February 26, 2014, the U. S. Supreme Court (“the Court”) held that the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) did not preclude Stanford Ponzi scheme plaintiffs’ state-law class action claims because...more

Marijuana Taxation Update: State Sanctioned Marijuana Industry Must Keep the Federal Anti-Drug Trafficking Tax Code in Mind

As we have previously reported, despite the growing number of States that have authorized the use of marijuana in various forms, the federal government has continued to crack down on dispensaries. In addition to direct...more

Supreme Court Holds That SLUSA Does Not Preempt State Law Claims Of Investors In Stanford Ponzi Scheme

Recently, the U.S. Supreme Court limited the scope of the preemption of state law class actions afforded by the Securities Litigation Uniform Standards Act of 1998 (SLUSA) in Chadbourne & Parke LLP v. Troice, No. 12-79 (U.S....more

SCOTUS Holds State-Law Securities Class Actions Not Precluded By Federal Law

On February 26, the Supreme Court held that the Securities Litigation Uniform Standards Act of 1998 (Securities Litigation Act) does not preclude four state-law based class actions against firms and individuals who allegedly...more

Complex Litigation Update: SCOTUS Allows Plaintiffs’ State-Law Class Actions Against Law Firms, Financial Firms, and Others to...

On Wednesday of last week, the Supreme Court of the United States issued a 7-2 decision affirming a Fifth Circuit ruling permitting four state-law class actions to proceed against two New York law firms and others in a matter...more

Expansion of California’s Unfair Competition Law

In yet another expansion of California’s unfair competition law, the California Supreme Court recently ruled that state law claimants may base a cause of action on a “borrowed” federal statute even though the U.S. Congress...more

FinCEN Issues Guidance for Financial Institutions Seeking to Provide Services to Marijuana-Related Businesses

The Financial Crimes Enforcement Network (“FinCEN”) issued guidance (the “Guidance”) to clarify FinCEN’s expectations as to how financial institutions (“FIs” and each an “FI”) will meet their compliance requirements under the...more

Anti-Money Laundering Compliance Update: FinCEN Issues Guidance For Financial Institutions Providing Services To Marijuana-Related...

On February 14, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued its guidance “BSA Expectations Regarding Marijuana-Related Businesses” in an effort to clarify Bank Secrecy Act (“BSA”) expectations for...more

Securities Regulator “Surprised and Offended” By SEC’s Regulation A+ Proposal

Section 401 of the JOBS Act directs the Securities and Exchange Commission to adopt rules exempting offerings of up to $50 million of securities annually from the registration requirements of the Securities Act of 1933, as...more

NASAA Comments on SEC’s Regulation A+ Proposal

Not unexpectedly, on February 19, 2014, the North American Securities Administrators Association sent a letter to the SEC objecting to the preemption of state authority over small corporate offerings by the SEC in its...more

Sixth Circuit Rules that PTFA Preempts Less Protective State Laws

The United States Court of Appeals for the Sixth Circuit reversed in part a district court’s order granting a motion to dismiss a complaint that included claims for wrongful eviction, denial of due process and outrageous...more

Sixth Circuit Holds PTFA Preempts Less Restrictive State Law, May Be Used To Establish State Law Causes Of Action

On February 7, the U.S. Court of Appeals for the Sixth Circuit held that while the Protecting Tenants at Foreclosure Act (PTFA) provides no private cause of action, plaintiffs may use violations of the PTFA to establish...more

FinCEN Guidance On Bank Secrecy Act Expectations Regarding Marijuana-Related Businesses

Full text copy of the Department of Treasury Financial Crimes Enforcement Network (FinCEN) guidance clarifying the Bank Secrecy Act expectations for financial institutions seeking to provide banking services to...more

The Legalized Marijuana Industry’s Evolution Is An Exercise In Banking Compliance

On Jan. 1, recreational marijuana officially went on sale in Colorado, marking the first state in the Union to permit the recreational sale and use of marijuana. For the last year — following the passage of Amendment 64,...more

Second Circuit Holds Delaware Fiduciary Duty Law Preempted By Federal Interest In Fiscal Stability

In Starr International Co. v. Federal Reserve Bank of New York, No. 12-5022-cv, 2014 U.S. App. LEXIS 1770 (2d. Cir. Jan. 29, 2014), the United States Court of Appeals for the Second Circuit affirmed the dismissal of claims...more

First Circuit Ruling in Foreclosure Litigation May Help Lenders Facing HAMP-Related Claims

The law is well settled that borrowers do not have a direct right of action under the Home Affordable Modification Program (HAMP) against a lender that fails to offer a loan modification. A split of authority continues,...more

Northern District Of California Decision Highlights Growing Divide Within Ninth Circuit Over HOLA Preemption

On January 14, the U.S. District Court for the Northern District of California held that the federal Home Owners’ Loan Act (HOLA) preempts all of a borrower’s state law claims related to a loan originated by a thrift but held...more

SEC Releases Proposed Rules on Regulation A-Plus

In yet another effort to display Congress' commitment to the "democratization of access to capital," the Securities and Exchange Commission (the "SEC") has proposed rule amendments to Regulation A under the Securities Act of...more

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