Finance & Banking, Commercial Law & Contracts, Civil Remedies

Real World - Spring 2013: Damages include fall in market

by Sophie Ogilvie | Dechert LLP on 5/14/2013

Two recent cases have highlighted circumstances in which damages for breach of contract may include loss caused by a fall in market values....more

Bank Did Not Alter Right To Foreclose By Agreeing To Work With The Debtor After Bankruptcy Dismissal

by David Johnson | Winstead PC on 5/13/2013

In Branch Banking and Trust Company v. TCI Luna Ventures, LLC, BB&T appealed a temporary injunction order prohibiting it from foreclosing on two properties owned by TCI Luna. No. 05-12-00653-CV, 2013 Tex. App. LEXIS 1745...more

InfoBytes Special Alert: CFPB Issues Final Civil Penalty Fund Rule With Request For Comment

by BuckleySandler LLP on 5/10/2013

On April 26, the Consumer Financial Protection Bureau (CFPB or the Bureau) issued a final rule, effective immediately, that sets forth procedures for the administration of the Consumer Financial Civil Penalty Fund (Civil...more

The SCRA and Motor Vehicles - Auto Loans Vroom into the Forefront of Enforcement

by King & Spalding on 5/8/2013

In 2003, Congress passed the Servicemembers Civil Relief Act (SCRA or “Act”), which updated and replaced the Soldiers’ and Sailors’ Civil Relief Act. The SCRA has been described as the “greatest single statutory source of...more

Tenth Circuit Holds Affidavit Sufficient To Avoid Summary Judgment On FCRA Emotional Damage Claim

by BuckleySandler LLP on 5/7/2013

Recently, the U.S. Court of Appeals for the Tenth Circuit affirmed in part and reversed in part a district court’s award of summary judgment to a mortgage servicer who provided a negative credit report after the borrower...more

"The Increasing Appeal and Novel Use of Bilateral Investment Treaties"

by David Herlihy, David Kavanagh, Timothy Nelson | Skadden, Arps, Slate, Meagher & Flom LLP on 4/30/2013

Over the last 20 years, bilateral investment treaties (BITs) have provided foreign investors with basic safeguards against expropriation and related risks and guarantee the right to bring claims before a neutral arbitral...more

TRANSACTIONAL: Project Development/Finance: Key Considerations in Energy Take-or-Pay Contracts

by King & Spalding on 4/22/2013

Perhaps the most common type of off-take contract in a large scale energy project is the take-or-pay contract. A properly constructed take-or-pay contract provides the seller with an assured revenue stream that ensures an...more

Burr Alert: Blowing The Cap Off Statutory Damages Under The FCCPA?: An Analysis Of Kahmeyer v. Federal Credit Corporation

by John Chiles, Kristin Peters | Burr & Forman on 4/15/2013

In Kahmeyer v. Federal Credit Corporation, the 13th Judicial Circuit in Hillsborough County, Florida released an opinion that has given new life to the argument that each violation of the Florida Consumer Collection Practices...more

Visa/MasterCard Interchange Fee Litigation – May 28, 2013 Deadline to Respond to Class Action Settlement Agreement

by Ropes & Gray LLP on 4/15/2013

All entities that accept Visa- or MasterCard-branded credit and/or debit cards must decide, on or before May 28, 2013, how to respond to the settlement agreement with Visa and MasterCard on behalf of a class covering...more

DOJ Announces Payments Under 2011 SCRA Settlements

by BuckleySandler LLP on 4/12/2013

On April 4, the DOJ announced that two mortgage servicers will pay a combined $39 million to 316 servicemembers pursuant to SCRA settlements from 2011. Those settlement agreements resolved allegations that the mortgage...more

New York Appellate Court Rejects MBIA’s Pursuit of Rescissory Damages

by Orrick - Structured Finance Group on 4/10/2013

On April 2, New York’s First Department appellate court ruled that MBIA Insurance Corporation may not obtain rescissory damages in its breach of contract action against Countrywide because MBIA had freely given up its right...more

The Fair Debt Collection Practices Act—Hope on the Horizon for Debt Collectors?

by Joseph Guarino, Patrick Lucignani | Epstein Becker & Green, P.C. on 4/10/2013

Debt collection is big business—easily a multibillion-dollar industry. In 2012, approximately 30 million individuals, or 14 percent of American adults, had debt (averaging about $1,500) that was or had been subject to the...more

What’s at the Bottom of the ‘Robosigning’ Scandal?

by Jeff Ifrah on 4/9/2013

The problematic practice of robosigning – whereby banks and other lenders improperly foreclosed on properties through formulaically processing foreclosure documents – has been much in the news over the past couple of years....more

How Late Can a Default on a Foreclosure Suit Be Vacated?

by Kirk Jenkins | Sedgwick LLP on 4/8/2013

In the closing days of the March term, the Illinois Supreme Court allowed a petition for leave to appeal in Wells Fargo Bank, N.A. v. McCluskey, a decision from the Second District reversing an order refusing to vacate a...more

Little Tucker Act Does Not Waive Sovereign Immunity For Alleged Violation Of Fair Credit Reporting Act

by June D. Coleman, Danielle Teeters | Kronick, Moskovitz, Tiedemann & Girard on 4/5/2013

The United States Supreme Court recently held that the Little Tucker Act does not waive the sovereign immunity of the United States in an action for damages alleging a violation of the Fair Credit Reporting Act (“FCRA”). The...more

Court Invalidates Mechanic's Lien for Seeking Excessive Amount

by Ryan Klein | Sherman & Howard L.L.C. on 4/5/2013

A mechanic's lien is a very powerful tool for prime contractors, subcontractors, suppliers, and laborers to seek compensation for work provided on construction projects. This tool, however, becomes excessive, invalid, and...more

Freddie Mac Releases Additional Loan-Level Data

by BuckleySandler LLP on 4/1/2013

On March 21, Freddie Mac released historical loan-level credit performance data on a portion of the fully amortizing 30-year, fixed-rate single-family mortgages it purchased during the past 13 years. The data-set is comprised...more

Damages Awarded Against Underwriter for Failing to Complete a Bought Deal

by Paul Barbeau, Matthew Olson, William Osler, David Phillips | Bennett Jones LLP on 3/22/2013

The Ontario Superior Court of Justice recently awarded damages of just over $16 million against Thomas Weisel Partners Canada Inc. (now Stifel Nicolaus Canada Inc.) for failing to close on a bought deal private placement...more

Zip Code Requests Off-Limits in Massachusetts Credit Card Transactions

by Martin Bishop, Thomas I. Elkind, Michael Lueder | Foley & Lardner LLP on 3/21/2013

In a recent decision, Tyler v. Michaels Stores, Inc., the Massachusetts Supreme Judicial Court held that zip codes are “personal identification information” and that a merchant asking for that information during a credit card...more

Drafting Errors - Routinely Cost Lenders’ Post-Bankruptcy Attorney’s Fees and Interest

by Charles Ekberg, Bruce Leaverton, Kay Lennon | Lane Powell PC - Bankruptcy & Creditors'... on 3/20/2013

Originally published in Community Banker - Spring 2013. When a bankruptcy intervenes to prevent the continuation of a restructuring or loan enforcement effort, it is too late to supplement or strengthen loan...more

FTC Order Against Fraudulent Payment Processor Joins Growing List of Regulatory Actions Involving Third Party Service Providers

by Brian J. Hurh | Davis Wright Tremaine LLP on 3/20/2013

Following on the heels of significant regulatory actions by the Consumer Financial Protection Bureau, Federal Reserve, and the FDIC against regulated companies and their third-party service providers, the Federal Trade...more

Taking The Easy Way Out Again: Recent OCC/Big Banks Settlement

by Ruben Fogel, Robert Siegel | Bilzin Sumberg Mortgage Repurchase Group on 3/20/2013

Any follower of this blog or the mortgage crisis at large will — sadly — not be surprised by the seemingly never-ending news of foreclosure misdeeds by the nation’s biggest banks. Recent news reveals a particularly...more

Retailers Beware: Massachusetts Court Restricts Ability To Collect ZIP Codes At Point Of Sale

by Amanda Beane, Thomas (Tom) C. Bell, Miriam Farhi | Perkins Coie on 3/19/2013

The Supreme Judicial Court of Massachusetts recently held that collecting a consumer's ZIP code at the point of sale may violate Massachusetts General Laws Chapter 93, Section 105(a) (Section 105(a)), which restricts the...more

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

by Michael O'Bryan, Jeffrey Silver | Morrison & Foerster LLP on 3/18/2013

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

When in Doubt, File a Motion: Trends Concerning Automatic Stay Violations

by Travis Knobbe | Spilman Thomas & Battle, PLLC on 3/15/2013

Bankruptcy filings in Virginia, and nationwide, declined significantly in 2012, and it appears the decline is continuing in 2013. However, thousands of cases continue to be filed, and it is important for practitioners to...more

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Finance & Banking › Commercial Law & Contracts › Civil Remedies