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Constitutional Law Finance & Banking

Read Constitutional Law updates, alerts, news, and analysis from leading lawyers and law firms:

Federal Circuit Rules that Starr International Lacks Standing to Pursue Class Claims Stemming from the U.S. Government’s...

On May 9, 2017, the U.S. Court of Appeals for the Federal Circuit (“Federal Circuit”) affirmed in part and reversed in part an earlier decision from the U.S. Court of Federal Claims, which had held that aspects of the...more

Supreme Court Considers New York's Surcharge Law

The Supreme Court of the United States recently heard an oral argument concerning New York's surcharge law, addressing whether the statute—which prohibits the imposition of surcharges on customers who pay with credit cards...more

FCRA Class Plaintiff Lacked Injury Needed for Standing Under Spokeo, 4th Circuit Holds

by Ballard Spahr LLP on

An $11.7 million judgment awarded against credit reporting company Experian in a 69,000-member class action brought under the federal Fair Credit Reporting Act (FCRA) was vacated by the Fourth Circuit in Dreher v. Experian...more

Litigation Alert: The Fourth Circuit Finds No Article III Injury in Fair Credit Reporting Act Case

by Fenwick & West LLP on

The U.S. Court of Appeals for the Fourth Circuit held that the plaintiff’s allegations that Experian denied him access to information to which he was entitled under the Fair Credit Reporting Act was insufficient to establish...more

Spokeo: On the One-Year Anniversary of the Pivotal Case, Insights for Retailers

by Morgan Lewis on

Dear Retail Clients and Friends, Many of you are likely familiar with the US Supreme Court’s decision in Spokeo, Inc. v. Robins. On the one-year anniversary of Spokeo, data shows that retailers’ chances of success in...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

Fourth Circuit Vacates $12M FCRA Class Action Judgment Against Experian

On May 11, 2017, the Fourth Circuit Court of Appeals vacated a $12 million judgment against Experian Information Solutions, Inc. (“Experian”) in a class action against the credit reporting bureau alleging violations of the...more

Cities Can Sue Banks for Predatory Lending, U.S. Supreme Court Says

by Best Best & Krieger LLP on

While the nationwide economy has steadily improved since the recession, many cities are still clawing their way back to financial stability. California, in particular, was hit hard by the foreclosure crisis, leaving cities in...more

New York DFS files lawsuit challenging OCC special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

The New York Department of Financial Supervision (DFS) has filed a complaint in a New York federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special...more

National Securities Regulator on the Ropes? Quebec Court of Appeal Rules Proposed Cooperative System Unconstitutional

On May 10, 2017, the Quebec Court of Appeal ruled that the proposed cooperative capital markets regulatory system (Cooperative System) is in significant respects unconstitutional, although it ruled that the federal...more

Consumer Financial Services Newsletter - May 2017

by Hinshaw & Culbertson LLP on

Southern District of California Denies Certification of Wrong Number TCPA Class - On March 28, 2017, the Southern District of California denied class certification in a case arising under the TCPA. Plaintiff alleged that...more

Lending Industry Take Note: U.S. Supreme Court Rules on Scope of Right to Sue Under Federal Fair Housing Act

by Partridge Snow & Hahn LLP on

A city’s lawsuit against various banks under the federal Fair Housing Act (“FHA”) to recover property tax revenues allegedly lost due to discriminatory lending practices has survived . . . for now. In a recent decision, the...more

Missouri's Ban on Banks Contributing to Ballot Measures, PACs Found Unconstitutional

by Stinson Leonard Street on

The U.S. District Court for the Western District of Missouri struck down as unconstitutional and permanently enjoined enforcement of a new Missouri campaign finance law. Under the provisions of the law, banks were prohibited...more

U.S. Supreme Court Sides with Cities, Allowing Lawsuits Against Banks for Fair Housing Act Violations - Bank of America v. City of...

by Best Best & Krieger LLP on

The U.S. Supreme Court has given the City of Miami the go-ahead to sue banks under the Fair Housing Act for alleged racially discriminatory lending practices that resulted in increased foreclosures and fiscal harm to the...more

Supreme Court Holds That Cities Have Standing to Sue for Fair Housing Act Violations

by BakerHostetler on

On Monday, in Bank of America Corp. et al. v. City of Miami, Florida, the Supreme Court held in a 5-3 decision that the City of Miami had standing to challenge alleged violations of the Fair Housing Act by lenders. 581 U.S....more

Real Property & Title Insurance Update: Week Ending April 28 & May 5, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure: final summary judgment in borrower’s favor inappropriate where borrower merely asserted that lender mistakenly filed copy of original note with court, instead of original, and where...more

Litigation Alert: Second Circuit Limits Standing to Bring Data Breach Class Actions

by Fenwick & West LLP on

This week, the U.S. Court of Appeals for the Second Circuit issued an important decision in Whalen v. Michaels Stores, placing the court at the center of the controversy around what allegations are sufficient to establish...more

Dismissal in Michael Stores Data Breach Case

In the latest decision on Article III standing in a data breach case, the U.S. Court of Appeals for the Second Circuit ruled that a credit card holder – who neither pleaded specific facts about the time or effort spent...more

CFPB weighs in on Eighth Circuit’s competent attorney standard, standing to bring FDCPA claim

by Ballard Spahr LLP on

The CFPB recently submitted an amicus brief to the Eighth Circuit, arguing that a debt collector cannot avoid liability under the FDCPA when it falsely represents the amount of a debt to a consumer’s attorney, rather than to...more

Orrick's Financial Industry Week In Review

Rating Agency Developments - On April 19, 2017, Fitch issued a report entitled Airport Operating Lease ABS Rating Criteria. On April 14, 2017, Fitch issued a report entitled North America and Asia-Pacific...more

Colorado Moves to Dismiss Suits Seeking Judgment That Bank-Originated Loans Facilitated and Serviced by Online Platforms Are...

As we noted in a recent Alert, WebBank and Cross River Bank filed separate federal civil actions to enjoin the Administrator of Colorado's Uniform Consumer Credit Code from enforcing state lending laws against Avant, Inc. and...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo’s Board Chair, Stephen Sanger, did survive his reelection vote the other day. Barely. But Breakingviews thinks he should think awfully hard about his future as a Director at the bank....more

Real Property & Title Insurance Update: Week Ending April 14 & 21, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Attorneys’ Fees: mortgage foreclosure plaintiffs seeking attorney’s fees must support their claim with competent, substantial evidence of the number of hours worked and evidence that...more

New York Court Dismisses Royal Park’s RMBS Cases for Lack of Standing

On April 12, 2017, Judge Charles E. Ramos of the New York State Supreme Court for New York County dismissed Royal Park’s RMBS lawsuits alleging fraud and other tort causes of action against Morgan Stanley, Deutsche Bank,...more

Kimpton Data Breach Decision Highlights Lingering Confusion on Standing Issues

When data thieves steal payment card data, consumers suffer no legally cognizable injuries. Card issuers absorb the fraudulent charges and replace the affected cards. Because fraudulent charges are not billed to consumers,...more

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