Conflict of Laws › Finance & Banking

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News & Analysis as of May 23, 2013

Will New Marijuana Laws Go Up In Smoke?
Bill on Bankruptcy: Who's to Blame for the Hostess Liquidation?
Weekly Brief: Google Antitrust Suit?; Legal Weed; Law Firm Mega-Merger Mania
Appeal Trial Court - What To Do When a Party Loses or is Unhappy with a Decision Made by the Trial Court - Kathi Sandweiss discuss
The Apellate Process Explained - Kathi Sandweiss discusses the appeals process and what it can and can't do for your situation.
Northern Mariana Islands Retirement Fund Files For Bankruptcy

California Federal District Court Reinstates Order In Overdraft Class Action

by BuckleySandler LLP on 5/23/2013

On May 14, the U.S. District Court for the Northern District of California reinstated a prior order enjoining a national bank from engaging in false or misleading representations relating to certain overdraft practices and...more

Florida to Government: Your Lien Doesn't Foreclose This Old Mortgage

by Michael Starks, Sarah-Nell Walsh | Baker, Donelson, Bearman, Caldwell &... on 5/22/2013

The Florida Supreme Court has ruled that cities cannot create ordinances that subject prior recorded mortgages to their subsequently recorded county or governmental liens, because it conflicts with Florida's state statutes on...more

Update: Banking Difficulties May Lead Marijuana Dispensaries to Commit Bank Fraud

by Fuerst Ittleman David & Joseph, PL on 5/16/2013

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

Ninth Circuit Holds that Federal Securities Laws Preempt California Labor Code's Ban on Forced Patronage at Brokerage Firms

by Bram Hanono, Jennifer Redmond, John Stigi | Sheppard Mullin Richter & Hampton LLP on 5/10/2013

In McDaniel v. Wells Fargo Investments, LLC, Nos. 11-17017, 11-55859, 11-55943, 11-55958, 2013 WL 1405949 (9th Cir. Apr. 9, 2013), the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of four class...more

Protecting Privacy or Enabling Fraud? Employee Social Media Password Protection Laws May Clash with FINRA Rules

by Jessica Goldenberg | Proskauer - Privacy & Data Security on 5/9/2013

As a growing number of states pass legislation which will protect individuals’ social media accounts from employer scrutiny, they have encountered a surprising adversary – FINRA and other securities regulators....more

CFPB Issues Final Preemption Determination For Maine, Tennessee Unclaimed Gift Card Laws

by BuckleySandler LLP on 5/6/2013

On April 19, the CFPB issued a final preemption determination regarding whether the Electronic Fund Transfer Act (EFTA) and Regulation E preempt certain unclaimed gift card laws in Maine and Tennessee. The EFTA, as...more

Spotlight on Unclaimed Property: CFPB Rules That Federal Law Preempts Tennessee's Unclaimed Property Statute Applicable to Gift...

by Baker, Donelson, Bearman, Caldwell &... on 5/6/2013

In its first preemption determination, on April 19, 2013, the Consumer Financial Protection Bureau (CFPB) ruled that Tennessee's unclaimed property statute provisions applicable to gift cards are preempted by federal law. The...more

Ninth Circuit Widens Circuit Split Over Application of State or Federal Bankruptcy Law To Determine Whether Claims of...

by Alyson Allen, Mark Bane, Stephen Moeller-Sally, James Wilton | Ropes & Gray LLP on 5/3/2013

In an important decision for private equity sponsors and other insiders who advance loans to their businesses, on April 30, 2013, the Ninth Circuit Court of Appeals in In re Fitness Holdings International confirmed that...more

CFPB issues first preemption determinations

by Barbara S. Mishkin | Ballard Spahr LLP on 4/29/2013

Last week, the CFPB issued final determinations as to whether certain Maine and Tennessee laws relating to unclaimed gift cards are preempted by federal law on gift card expiration dates. The rulings represent the CFPB’s...more

CFPB Uses Novel Interpretation, Increases Compliance Burden for Gift Card Issuers Through its First Preemption Determination

by Leonard N. Chanin, Rick Fischer, Matthew W. Janiga, Obrea O. Poindexter | Morrison & Foerster LLP on 4/24/2013

On April 19, 2013, the Consumer Financial Protection Bureau (“CFPB”) announced it was making a determination to preempt a provision of Tennessee unclaimed property law that it deemed inconsistent with the federal Electronic...more

Creditors Can Reach Benefits under "Top Hat" Plan, United States District Court of Maryland Rules

by Katherine Lange | Womble Carlyle Sandridge & Rice, PLLC on 4/17/2013

Executive Summary: ERISA “top hat” plan’s anti-alienation provision does not trump state garnishment laws. A familiar feature of ERISA is its protection of a participant’s retirement savings from creditors; ERISA...more

Ninth Circuit Holds Private Company Rules Preempt California Law

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/10/2013

California Labor Code Section 450(a) forbids employers from coercing the patronage of their employees: It provides...more

Sherzer v. Homestar Mortgage Services: The Third Circuit Takes Sides in a Circuit Split Over How a Borrower Exercises Rescission...

by Christopher Hart, Stephen J. Shapiro | Schnader Harrison Segal & Lewis LLP on 3/18/2013

In a recent decision, the Third Circuit took sides in a split between U.S. Circuit Courts of Appeal over what action borrowers must take to exercise their right to rescind a loan under the Truth in Lending Act (TILA). It...more

Do Expert Witness Fees Impact Access? High Court Considers

by IMS ExpertServices on 3/5/2013

We all know the cost of retaining an expert can be pricey. But does the price tag affect vindication of individual rights under a federal statue and impact court access? Should the cost of expert witness fees play a role...more

FINRA Panel Rules on Charles Schwab's Challenge to FINRA Rules Prohibiting Class Action Waiver Clauses

by Gregory Eisenreich | Barger & Wolen on 2/25/2013

In October 2011, Charles Schwab ("Schwab") began inserting into its customer Account Agreements a class action waiver clause....more

PA Supreme Court Invalidates Local “Flat Tax” on Businesses

by Sharon R. Paxton | McNees Wallace & Nurick LLC on 2/19/2013

In Shelly Funeral Home, Inc. v. Warrington Township, 30 MAP 2010 (December 18, 2012), the Pennsylvania Supreme Court reversed a 2010 decision of the Commonwealth Court and held that a business privilege “flat tax” ordinance...more

New York Court of Appeals Holds Upholds Broad Choice of New York Law Provision in Contract Even in Absence of Contacts With New...

by Rena Andoh, John Stigi | Sheppard Mullin Richter & Hampton LLP on 1/31/2013

In IRB-Brasil Resseguros, S.A. v. Inepar Investments, S.A., No. 191, 2012 WL 6571286 (N.Y. Dec. 18, 2012), the Court of Appeals of the State of New York held that a broad choice of law provision in a contract precludes any...more

General Assembly of Partners Meeting and Decision Quorum in Limited Liability Partnerships under the Turkish Commercial Code

by Burak Kepkep on 11/9/2012

This note outlines General Assembly of Partners Decision and Meeting Quorums, as amended by the new Turkish Commercial Code No 6102, which entered into force on 1 July 2012....more

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