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NY High Court To Address Continuing Vitality Of “Separate Entity” Rule For International Banks With New York Branches

This September, New York’s highest court will consider an issue of significant interest to international banks with a New York presence – whether a judgment creditor can use New York’s judgment enforcement procedures to...more

UK Capital Maintenance Principle May Restrict Damages Awards

Obiter dicta by High Court suggests that damages may not be available as a remedy where an English company breaches a contractual obligation and performance of that obligation would have required a breach of the "capital...more

Oppression Remedy & Creditors

As we have discussed before, the oppression remedy is a potentially powerful tool, which can be used in a range of circumstances by a variety of corporate stakeholders, including shareholders, directors and officers, and...more

Henning vs Wachovia Mortgage FSB aka Wells Fargo Bank N.A.

Federal Judge William Young in Massachusetts Orders Wells Fargo and a majority of its board to approve a corporate resolution...

Federal Judge William Young in Massachusetts is making an unusual request of Wells Fargo in a Sept. 17 ruling in which he's requiring the bank's president and a majority of its board to approve a corporate resolution stating...more

CalPERS’ Warning Of Chill Goes Unheeded

Last November, Judge James P. Kleinberg of the Santa Clara Superior Court in San Jose, California ruled on motions for summary judgment in a case brought by former employees of a management company that had been retained by...more

PHILLIP R. CORVELLO, Plaintiff-Appellant, v. WELLS FARGO BANK, NA, DBA America’s Servicing Company, DBA Wells Fargo Home Mortgage, Inc., Defendant-Appellee

APPELLANTS’ OPENING BRIEF Re: Wells Fargo Mortgage Modification Lawsuits Revived by 9th Circuit Court of Appeals

ISSUES PRESENTED 1. Whether the district court erred in ruling that plaintiffs failed to allege the existence of binding TPP Agreements. 2. Whether the district court erred by dismissing plaintiffs’ breach of TPP...more

Recent Updates on Reimbursing Creditors' Legal Fees Under a Chapter 11 Plan

Unsecured creditors in chapter 11 cases face the prospect of two financial blows: the possibility of not receiving full payment of their claims and the cost of attorney's fees for defending their interests....more

CFPB Study of Overdraft Programs A white paper of initial data findings June 2013

Overdraft fees—many of them encouraged and generated through unfair and deceptive practices—cost consumers billions of dollars each year. Overdrafts are a particular problem when consumers use a debit card to make purchases...more

Senior Housing Capital, LLC v. SHP Senior Housing Fund, LLC, C.A. No. 4586-CS (Del. Ch. May 13, 2013) (Strine, C.)

In this memorandum opinion, the Court of Chancery awarded the plaintiff substantial payments, pre-judgment interest and attorneys’ fees and costs. Plaintiffs, entities that managed and invested in a fund that owned...more

Office of the Comptroller of the Currency’s Minimum Standards for Prioritization and Handling Borrower Files Subject to Imminent...

Office of the Comptroller of the Currency’s Minimum Standards for Prioritization and Handling Borrower Files Subject to Imminent Foreclosure Sale for all OCC Regulated Banks. The OCC guidance is significant because it...more

New Justice Department's FIRREA Cases Against Banks: Holding The Victim Responsible

The government’s ever-evolving response to the United States financial crisis has come full circle, as civil Justice Department Attorneys seek to rely on legislation enacted to protect financial institutions from fraud to sue...more

VERONICA GUTIERREZ, ERIN WALKER, and WILLIAM SMITH v WELLS FARGO BANK N.A.

CLASS ACTION FINDINGS OF FACT AND CONCLUSIONS OF LAW AFTER BENCH TRIAL AWARDING $203 MILLION TO WELLS FARGO'S CALIFORNIA CUSTOMERS

CLASS ACTION FINDINGS OF FACT AND CONCLUSIONS OF LAW AFTER BENCH TRIAL AWARDING $203 MILLION TO WELLS FARGO'S CALIFORNIA CUSTOMERS. On May 14, 2013 the U.S. District Court for the Northern District of California...more

Senator Elizabeth Warren's May 14, 2013 letter to Ben Bernanke, Eric Holder, & Mary Jo White

Senator Elizabeth Warren's May 14, 2013 letter to The Board of Governors of the Federal Reserve System, U.S. Department of Justice...

Senator Elizabeth Warren Pushes Feds For Answer On Big Bank Enforcement WASHINGTON — Sen. Elizabeth Warren (D-Mass.) raised the stakes of her quest to find out why a single Wall Street bank has not been prosecuted in the...more

National Consumer Law Center Re: Restoring the Wisdom of the Common Law: Applying the Historical Rule Against Contractual Penalty...

NATIONAL CONSUMER LAW CENTER (NCLS) Banks Raking In Billions In Profits From Overdraft Fees The notion behind an overdraft fee — in which a bank customer is charged a penalty for overdrafting his account — is twofold:...more

Don’t Lie About Assets Under Management

Umesh Tandon, president, chief compliance officer, and sole owner of Simran Capital Management, recently agreed to a settlement with the SEC relating to alleged violations of the Investment Advisers Act of 1940 and the...more

Board Enjoined from Impeding Hostile Consent Solicitation Without First Approving Rival Director Slate under Credit Agreement...

The Delaware Chancery Court recently enjoined a board of directors from impeding a stockholder’s solicitation of written consents to replace the board, unless the board first approved the stockholder’s nominees for purposes...more

REPORT of U.S. Department of Housing and Urban Development Re: Audit for Wells Fargo Bank,Foreclosure and Claims Process

RESULTS OF REVIEW Wells Fargo did not establish effective control over its foreclosure process. This failure permitted a control environment in which The affiants routinely signed and certified that they had personal...more

SEC Annual Report: Thousands of Tips, One Award & Minimal Transparency

In its Annual Report on the Dodd-Frank Whistleblower Program (Report), the SEC has revealed that it has received 3,001 tips during its 2012 fiscal year (the first year of this program), and it paid out its first award to a...more

Enforcing orders made in foreign insolvency proceedings

The UK Supreme Court decision in Rubin v Eurofinance SA and what it means for BVI and Cayman - This article sets out the potential impact in the BVI and Cayman of the much anticipated Supreme Court decision in Rubin v....more

California Federal District Court Permits FDIC Suit Against Former Bank Officers to Proceed

On October 5, the U.S. District Court for the Central District of California dismissed several affirmative defenses invoked by a group of former bank officers sued by the FDIC as receiver for a failed bank, including their...more

Shocking Technologies, Inc. v. Michael, C.A. No. 7164-VCN (Del. Ch. Oct. 1, 2012) (Noble, V.C.)

In this memorandum opinion, the Delaware Court of Chancery found defendant Simon J. Michael (“Michael”), a director of plaintiff Shocking Technologies, Inc. (“Shocking” or the “Company”), breached his fiduciary duty of...more

It is Always Good to Follow the Plan’s Claims Procedure in Denying a Claim

A recent Eighth Circuit Court of Appeals decision involved high ranking executives who participated in a company’s long-term incentive plan. Under the plan agreements, executives who did not continue employment for a three...more

CFPB’s First Enforcement Action Warns Financial Institutions About Liability for Third Party Activities on their Behalf; Related...

This article by Victoria Holstein-Childress discusses the CFPB’s first enforcement action, announced July 18, 2012, which together with a parallel OCC enforcement action required a major bank to pay $210 million to settle...more

Court Rules on What is “Commercially Reasonable” Bank Security

Small business owners have new hope that they may be on the same footing as individuals when it comes to cybertheft from their bank accounts. ...more

Federal Court of Appeal: Canada Cannot Tax Treaty Income Twice

It is trite law that one of the main purposes of tax treaties is to prevent double taxation of the same income. In Canada this principle has often been treated with a grain of salt since Canadian domestic rules do not bar...more

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