Constitutional Law, Finance & Banking, Commercial Law & Contracts

New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred

by Orrick - Structured Finance Group on 5/20/2013

On May 10, Justice Sherwood of the Supreme Court of the State of New York dismissed on statute of limitations grounds an RMBS putback action brought against Nomura Credit & Capital, Inc. (Nomura)....more

Bitcoin And The Corporations Code

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 5/20/2013

I’ve been seeing an increasing number of references to Bitcoin and other forms of virtual or crypto currencies in the news. For example, Jeffrey Sparshott and Robin Sidel of the Wall Street Journal reported last week that...more

Court Explicates Scope of Usury Exemption For Real Estate Brokers

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 5/16/2013

Artistotle didn’t think much of the idea of paying interest: (“As this is so, usury is most reasonably hated, because its gain comes from money itself and not from that for the sake of which money was invented. For...more

Court Holds That Statute Of Limitations Applies To Section 50(a)(6) Constitutional Claims

by David Johnson | Winstead PC on 5/10/2013

In Priester v. JPMorgan Chase Bank, N.A., homeowners sued for declaratory relief against their lender claiming that the lien on their home was void under the Texas Constitution. No. 12-40032, 2013 U.S. App. LEXIS 3097 (5th...more

No Marriage for Mortgage Resolution Partners Yet (But Proposal Still Being Considered)

by Krystyna Blakeslee | Dechert LLP on 4/8/2013

Last summer, we at Crunched Credit wrote (here, here and here) about Mortgage Resolution Partner’s (“MRP”), a San Francisco-based venture-capital firm, proposal whereby underwater performing residential mortgage loans held in...more

Standing: An Affirmative Defense To Mortgage Foreclosure

by Schecter Law on 4/1/2013

To have standing to foreclose, it must be demonstrated that the plaintiff holds the note and mortgage in question. Mazine v. M & I Bank, 67 So. 3d 1129, 1132 (Fla. 1st DCA 2011). The plaintiff must prove that it had standing...more

In Fontainebleau Appeal, Eleventh Circuit Confirms That Term Lenders Lack Standing To Enforce Revolving Lenders’ Commitments

by Julian Chung, Matthew Craner, Joseph Frank, Jason White | Orrick, Herrington & Sutcliffe LLP on 3/1/2013

Last week, the Eleventh Circuit Court of Appeals held that lenders in syndicated credit facilities do not have standing to enforce the funding commitment that other lenders owe to the borrower in the absence of specific...more

Magistrate Recommends Dismissal with Prejudice of Claims Against Global Payments

by Craig Hoffman | BakerHostetler on 2/20/2013

Global Payments, which processes credit card transactions, announced on March 30, 2012 that an unauthorized person gained access to a portion of its processing system. Global Payments later disclosed that Track 2 data (card...more

California County Drops Consideration Of Eminent Domain Proposal

by BuckleySandler LLP on 2/4/2013

On January 24, a Joint Powers Authority established by San Bernardino County decided not to pursue a proposal under which the County would use eminent domain power to seize underwater mortgages from private trusts and provide...more

Stern v. Marshall Update – Ninth Circuit Holds That Bankruptcy Courts Lack Constitutional Authority To Finally Determine...

by Audrey Aden Doline, Sharon J. Richardson, Michael Stevens | Cadwalader - Financial Restructuring on 1/25/2013

On December 4, 2012, the United States Court of Appeals for the Ninth Circuit added to the growing body of case law delineating the extent of bankruptcy courts’ jurisdiction in the wake the Supreme Court’s decision in Stern...more

San Bernardino Not Moving Forward with Proposed Plan to Condemn Underwater Mortgages

by Rick Rayl | Nossaman LLP on 1/25/2013

For the better part of a year, we've been writing about the controversial proposal to use the power of eminent domain to condemn underwater mortgages, allowing homeowners to have a new loan that better reflects the underlying...more

Florida Supreme Court Upholds Legislation Requiring Public Employees To Contribute To Retirement Accounts

by Elizabeth Kuhn, Karen M. Morinelli | Ogletree, Deakins, Nash, Smoak & Stewart,... on 1/24/2013

In a 4-3 decision in Scott v. Williams, No. SC12-520 (Fla. Jan. 17, 2013), the Florida Supreme Court recently upheld the constitutionality of a 2011 law, Senate Bill 2100, requiring Florida’s public employees to contribute...more

Burr Alert: Evolving Bankruptcy Jurisdiction - Ninth Circuit Rules That Bankruptcy Courts Cannot Enter Final Judgment On...

by Kasee Sparks Heisterhagen | Burr & Forman on 1/24/2013

Before the Supreme Court’s seminal ruling in Stern v. Marshall, bankruptcy courts regularly entered final orders in fraudulent conveyance actions and other “core” matters. In Stern v. Marshall, the Supreme Court ruled that...more

Ninth Circuit Prohibits Bankruptcy Courts from Entering Judgments on Fraudulent Conveyance Claims Against Non-Claimants

by Craig A. Barbarosh, Kevin M. Baum, Bertrand J. Choe, Karen B. Dine | Katten Muchin Rosenman LLP on 12/13/2012

The Ninth Circuit recently held that: bankruptcy courts lack the constitutional authority to enter a final judgment on all fraudulent transfer claims against non-claimants, whether brought under state or federal law, and a...more

Ohio Supreme Court Holds Standing to Foreclose Cannot Be Established by Assignment of Note After Filing

by BuckleySandler LLP on 11/6/2012

On October 31, the Ohio Supreme Court held unanimously that a party’s standing to foreclose on a delinquent borrower is determined as of the filing of the complaint, and the party’s receipt of an assignment of a promissory...more

Prejudgment Attachment

by Brian Willis | Shumaker, Loop & Kendrick, LLP on 10/22/2012

...Florida law provides that a judge may issue a writ of attachment “when the debtor (1) Is actually removing the property out of the state; (2) Is fraudulently disposing of the property to avoid the payment of his or her...more

Prejudgment Attachments and Fraudulent Conveyance Claims in Fidelity Litigation

by Robert Warchola, Brian Willis | Shumaker, Loop & Kendrick, LLP on 10/12/2012

I. Introduction - It is not difficult to imagine that you file an action to recover a loss and the defendant hastily transfers the cash to friends, wires money to relatives overseas, hides the vehicles out of state,...more

Law Prof: US Govt Ignoring Rule of Law & Harming Economy Further [Video]

by Bloomberg Law on 8/30/2012

Aug. 29 (Bloomberg Law) -- There are numerous examples of the federal government suspending or ignoring settled rules of law in order to quickly and effectively respond to particular problems created by the broader financial...more

Brick By Illinois Brick: Ninth Circuit Builds High Wall For Indirect Purchaser Suits

by Sheppard Mullin Richter & Hampton LLP on 8/13/2012

The Ninth Circuit unanimously affirmed a grant of summary judgment for defendants in an antitrust suit involving alleged price-fixing of ATM fees, holding that the plaintiffs were indirect purchasers within the meaning of...more

Foreign Investments: Iran Investment Bill Well-Intentioned, But Unconstitutional

by Barger & Wolen on 7/23/2012

Sam Sorich and Larry Golub authored an article in the Insurance Journal discussing AB 2160, legislation that would prevent insurers from counting investments connected to the Iran's energy industry toward meeting their...more

California County Considers Using Eminent Domain to Seize Underwater Mortgages

by Dechert LLP on 7/18/2012

Local authorities from San Bernardino County in California and two of its cities have recently joined together to create a Joint Powers Authority (JPA) with the purpose of seizing and restructuring certain mortgages to help...more

ATM Users Lack Standing to Challenge Bank ATM Fees

by Howard Ullman on 7/18/2012

In In re: ATM Fee Antitrust Litigation, No. 10-17354 (9th Cir. July 12, 2012), the Ninth Circuit ruled that consumers (ATM cardholders) could not challenge ATM fees paid by ATM card issuing banks to the owner of the ATMs...more

New Lawsuit Attacks Constitutionality and Authority of the CFPB and FSOC

by Richik Sarkar on 7/5/2012

The Competitive Enterprise Institute (CEI), one of the organizations that filed briefs supporting the recent challenge to the Affordable Care Act, has now brought a constitutional challenge seeking to block two major...more

Judgment On Credit Card Debt Affirmed After Standing Established

by Winstead PC on 6/29/2012

In Rogers v. Unifund CCR Partners, the court of appeals held that the evidence of standing and breach of contract was sufficient and supported a judgment for a company based on an amount due under a credit card agreement.No....more

Freeman, et al. v. Quicken Loans, Inc.: Supreme Court Declines To Expand Consumer Protections Beyond Congress’ Exact Words

by Richik Sarkar on 6/4/2012

Adhering to the exact wording of the Real Estate Settlement Procedures Act (“RESPA”), the U.S. Supreme Court held in a rare, unanimous decision that a violation of Section 8(b) of RESPA does not apply unless a...more

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Constitutional Law › Finance & Banking › Commercial Law & Contracts

New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred

Bitcoin And The Corporations Code

Court Explicates Scope of Usury Exemption For Real Estate Brokers

Court Holds That Statute Of Limitations Applies To Section 50(a)(6) Constitutional Claims

No Marriage for Mortgage Resolution Partners Yet (But Proposal Still Being Considered)

Standing: An Affirmative Defense To Mortgage Foreclosure

In Fontainebleau Appeal, Eleventh Circuit Confirms That Term Lenders Lack Standing To Enforce Revolving Lenders’ Commitments

Magistrate Recommends Dismissal with Prejudice of Claims Against Global Payments

California County Drops Consideration Of Eminent Domain Proposal

Stern v. Marshall Update – Ninth Circuit Holds That Bankruptcy Courts Lack Constitutional Authority To Finally Determine...

San Bernardino Not Moving Forward with Proposed Plan to Condemn Underwater Mortgages

Florida Supreme Court Upholds Legislation Requiring Public Employees To Contribute To Retirement Accounts

Burr Alert: Evolving Bankruptcy Jurisdiction - Ninth Circuit Rules That Bankruptcy Courts Cannot Enter Final Judgment On...

Ninth Circuit Prohibits Bankruptcy Courts from Entering Judgments on Fraudulent Conveyance Claims Against Non-Claimants

Ohio Supreme Court Holds Standing to Foreclose Cannot Be Established by Assignment of Note After Filing

Prejudgment Attachment

Prejudgment Attachments and Fraudulent Conveyance Claims in Fidelity Litigation

Law Prof: US Govt Ignoring Rule of Law & Harming Economy Further [Video]

Brick By Illinois Brick: Ninth Circuit Builds High Wall For Indirect Purchaser Suits

Foreign Investments: Iran Investment Bill Well-Intentioned, But Unconstitutional

California County Considers Using Eminent Domain to Seize Underwater Mortgages

ATM Users Lack Standing to Challenge Bank ATM Fees

New Lawsuit Attacks Constitutionality and Authority of the CFPB and FSOC

Judgment On Credit Card Debt Affirmed After Standing Established

Freeman, et al. v. Quicken Loans, Inc.: Supreme Court Declines To Expand Consumer Protections Beyond Congress’ Exact Words

Law Prof: US Govt Ignoring Rule of Law & Harming Economy Further [Video]

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