Finance & Banking Civil Procedure

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Wisconsin Foreclosure Sale Process Just Got a Lot Faster

Recently, in Bank of New York Mellon v. Carson, the Wisconsin Supreme Court issued a decision that, in the words of Justice David Prosser, Jr., “radically revises the law on mortgage foreclosures” and could significantly...more

Transferee Liability: The Lottery Ticket/Uranium Contract Rule

Mano-Y&M Ltd. v. Field (In re Mortgage Store, Inc.), 773 F.3d 990 (9th Cir. 2014) – A chapter 7 trustee sought to avoid a transfer by the debtor as a fraudulent conveyance and then to recover funds disbursed by the...more

Unclaimed Property Audits: Don’t cheat on escheat!

The Texas Comptroller of Public Accounts has contracted with out of state third parties to perform unclaimed property audits on holders of property. National banks are subject to these reviews provided there is “reasonable...more

Arizona Courts Lacks Authority To Stay Forcible Entry And Detainer Judgments When The Judgment Itself Is Not Pending Appeal

Can a court stay the execution of a Forcible Entry and Detainer (“FED”) action when the FED judgment itself is not appealed? The Arizona Court of Appeals recently addressed this question, holding that the court did not have...more

Trends in Securities Litigation Influenced by Recent Supreme Court Decisions

Securities Exchange Act Claims - Data from a National Economic Research Associates, Inc. study, Recent Trends in Securities Class Action Litigation: 2014 Full-Year Review, demonstrates that filings alleging securities...more

ANZ Wins Appeal – Late Payment Fees Held to be Enforceable

In a significant decision in Paciocco v ANZ [2015] FCAFC 50 (Paciocco), the Full Court of the Federal Court of Australia (Full Court) has upheld an appeal by ANZ Bank (ANZ) and overturned a 2014 Federal Court of Australia...more

Borrowers Don’t Have Private Right of Action Under HAMP but May Pursue New Jersey State Law Claims

Action Item: To avoid possible state law claims related to denial of loan modifications, trial modification offers should clearly define the requirements a borrower must fulfill to receive a loan modification, and lenders and...more

Focus on Tax Controversy - Spring 2015

In This Issue: - Fifth Circuit Ruling in BMC Software, Inc. v. Comm’r. Is Good News for Taxpayers - When Is a Second Inspection Not a Second Inspection? - Captive Insurance Litigation: Key 2014 Cases ...more

Creative Construction: The Ninth Circuit Relaxes Removal Statute’s Timeliness Test in Class Action Fairness Act Cases

In Jordan v. Nationstar Mortgage LLC, No. 14-35943 and 15-35113, 2015 WL 1447217 (Apr. 1, 2015 9th Cir.), a Ninth Circuit panel held that cases subject to the Class Action Fairness Act (“CAFA”) become “removable” only when...more

Ninth Circuit Holds Defendant Can Remove Within 30-Days After CAFA Grounds Are Ascertained, Even Where Complaint Provided Basis...

A Ninth Circuit panel has held that a defendant may remove a case to federal court within 30 days after the CAFA ground for removal can first be ascertained, even where plaintiff’s complaint, filed years earlier, provided a...more

Second Circuit Refuses to Rehear Groundbreaking Insider Trading Case

On April 3, the US Court of Appeals for the Second Circuit denied the request of Preet Bharara, US Attorney for the Southern District of New York, for an en banc hearing after the court issued a ruling in December that...more

Locke Lord QuickStudy: Third Circuit Expands Reach of FDCPA in Kaymark Decision

Just last week, the Third Circuit held that a borrower can state a claim for violation of the Fair Debt Collection Practices Act (FDCPA) when a foreclosing plaintiff alleges incorrect fees as part of a foreclosure complaint. ...more

Claims Made During Policy Period Barred When Arising Out of Facts Disclosed or Required to be Disclosed in Application

In Crown Capital Securities v. Endurance Amer. Specialty Ins. Co. (No. B256241, filed 4/10/15), a California appeals court affirmed summary judgment for a professional liability insurer on a finding that coverage was barred...more

Sixth Judicial Circuit Rules in Creditor’s Favor on 559.72(18) Claim Under FCCPA

A recent opinion issued by the Sixth Judicial Circuit in and for Pasco County, Florida, sitting in its appellate capacity, provides further insight regarding what constitutes a violation of section 559.72(18) of the Florida...more

D.C. District Court Dismisses Delta’s Appeals Against U.S. Ex-Im Bank

In a series of three decisions published on March 30, 2015, the U.S. District Court for the District of Columbia has dismissed appeals brought by Delta Air Lines and other plaintiffs against the U.S. Export-Import Bank...more

Bridging the Week - April 2015 #2

IOSCO Seeks Views on Business Continuity and Recovery Planning by Trading Venues and Intermediaries; NYS Warns on Third-Party Service Providers - The International Organization of Securities Commissions issued two...more

Court Finds Lenders to Hedge Fund Not Liable as ERISA Fiduciaries

A federal court recently dismissed ERISA breach of fiduciary duty claims asserted by Delphi Beta Fund, LLC, a hedge fund, against two of its bank lenders, because there was no precedent for applying ERISA’s fiduciary duties...more

Northern District of California Denies Motion to Dismiss Claims of Negligent Oversight of Loan Origination Employee

On March 31, the Northern District of California denied a Michigan-based mortgage company’s motion to dismiss a Louisiana resident’s amended complaint alleging that the company was negligent in hiring and supervising a branch...more

Late Fees More Feasible After The Full Federal Court Overturns Decision On Penalties

On 8 April 2015 the Full Federal Court of Australia has found that certain bank fees were not penalties or otherwise unconscionable, unjust or unfair under statute reversing the first instance decision of Gordon J. This brief...more

United States District Court Follows Bartram, Evergrene Partners, Rejects Beauvais as Outlier

In LNB-017-13, LLC v. HSBC Bank USA, N.A., 14-cv-24800-UU, 2015 WL 1546150 (S.D. Fla. April 7, 2015), Judge Ursula Ungaro revisited the familiar topic of the statute of limitations for mortgage foreclosure and previously...more

Morgan Stanley Mortgage Capital Holdings LLC Motion to Dismiss RMBS Claims Granted in Part

On April 3, 2015, Judge Laura Swain of the U.S. District Court for the Southern District of New York granted in part and denied in part Morgan Stanley Mortgage Capital Holdings LLC’s (“MSMC”) motion to dismiss breach of...more

CONGRATULATIONS YOU NOW OWN THE LOAN! – CAN YOU ENFORCE IT?: A Recent Florida Court’s Potentially Huge Impact on Buyers of...

Perhaps nothing can be as frustrating for a purchaser of a commercial loan than being prohibited in court from enforcing the loan. It is well established law in both federal and state courts in California and throughout most...more

Corporate & Financial Weekly Digest - Volume X, Issue 14

In This Issue: - NFA Updates BASIC to Assist With Bylaw 1101 Diligence on Delegating CPOs - Second Circuit Refuses to Rehear Groundbreaking Insider Trading Case - SEC Secures Victory on Fraud Allegations...more

Florida Appeals Court Quashes Order Requiring Insurance Commissioner to Testify

On March 13, 2015, in Florida Office of Insurance Regulation v. Florida Department of Financial Services, Florida’s First District Court of Appeals quashed the trial court’s order compelling the deposition of the Florida...more

Intellectual property rights under German insolvency law

German insolvency case law on intellectual property rights has experienced rapid development in recent years, while attempts by the German legislature to regulate this subject with precision have repeatedly failed. The...more

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