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Georgia Supreme Court: Business Judgment Rule Valid, But Bank Officers Can Still Be Liable

In the context of Federal Deposit Insurance Corporation (FDIC) litigation against the former directors and officers of a failed bank, the Georgia Supreme Court has upheld the validity of the business judgment rule in the...more

FDIC v. Loudermilk, et al.—Georgia’s Business Judgment Rule (and Its Limitations)

On July 11, 2014, the Georgia Supreme Court issued its highly anticipated decision in FDIC v. Loudermilk, addressing squarely the extent to which Georgia’s business judgment rule shields bank directors and officers from...more

Court Confirms Bank Can Be Held Liable for Conduct and Representations Occurring During Loan Modification Process

A California Court of Appeal recently held that a defaulting mortgagee can assert claims for breach of contract, wrongful foreclosure, unfair business practices and negligent misrepresentation against the foreclosing bank...more

Third Circuit Concludes Personal Injury Causes of Action Against a Successor to Debtor’s Business are Generalized Claims

In a novel decision, the United States Court of Appeals for the Third Circuit held, in its ruling In re Emoral, Inc., 740 F.3d 875 (3d Cir. 2014), that personal injury claims of individuals allegedly harmed by a bankrupt...more

Good News for Agents, but be Aware

Introduction - In Torre Asset Funding Ltd v Royal Bank of Scotland Plc [2013] EWHC 2670 (Ch), the claimant (“Torre”) was a lender in a financing structure which included super senior, senior, senior mezzanine, junior...more

Legal Notebook - December 2013

In honour of the current Ashes cricket series (and given that, at the time of writing, there has just been a resounding victory by Australia in the First Test), we have elected to focus this edition of Legal Notebook on a...more

Fifth Circuit Revives Negligence Claims for Purely Economic Losses in Connection with Heartland Payment Systems Cyber-Attack...

On September 3, 2013, in Lone Star Nat'l Bank N.A. v. Heartland Payment Sys., Inc., the U.S. Court of Appeals for the Fifth Circuit held that "the economic loss doctrine under New Jersey law does not preclude the Issuer...more

Fifth Circuit Restores Negligence Claim In Data Breach Case

On September 2, the U.S. Court of Appeals for the Fifth Circuit restored a group of financial institutions’ negligence claim against a payment processor in Lone Star Nat. Bank v. Heartland Payment Systems, No. 12-20648, 2013...more

Pitfalls On Termination: Employer May Be Liable For Employees’ Loose Talk

Even though a Virginia bank properly terminated a bank teller and then warned bank employees not to discuss it, the bank still faced potential liability to the ex-teller for defamation when employees talked about it to...more

A Consumer Protection Ruling That Actually Protects Consumers: Fraud Prevention Allowed Under California’s Song-Beverly Act

A California court ruled last week that retailers could lawfully collect ZIP code information to reduce credit card fraud, efforts that result in lower prices for consumers. Following the California Supreme Court’s decision...more

Missouri Court Rejects Attempt to Plead Conversion into Coverage through Negligence Counts

In Allen v. Cont’l W. Ins. Co., 2013 WL 1803476 (Mo. Ct. App. April 30, 2013), the Missouri Court of Appeals found that a Commercial General Liability (“CGL”) insurer had no duty to defend its insureds, a title loan company...more

Ohio Appeals Court Affirms Dismissal Of City’s Public Nuisance Suit Against Banks

On March 21, the Court of Appeals of Ohio, Eighth Appellate District, affirmed a trial court’s dismissal of a suit by the city of Cleveland, which sought damages from several financial institutions involved in the creation of...more

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

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

Magistrate Recommends Dismissal with Prejudice of Claims Against Global Payments

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

Mortgagees Beware -- Appointment of a Receiver is the Preferred Course for Rental Property in Foreclosure

The recent case of Rojas v. Rubenstein, No. A-5755-10T2, 2012 N.J. Super. Unpub. LEXIS 2359, 2012 WL 4935498 (App. Div. October 18, 2012), focused attention on the relative liabilities of a court-appointed receiver and a...more

White v. Hollister Co. Illustrates Importance of Individual Questions in Class Certification

The California Court of Appeals January 3, 2013 decision in White v. Hollister Co. reversed and remanded the trial court’s opinion denying class certification to a class of consumers who claimed that defendant Hollister Co....more

U.S. Automobile Dealers Sue Indian Truck Manufacturer For Fraud And Conspiracy

ATLANTA, GA (June 5) – U.S. automobile dealers from across the country filed a lawsuit yesterday accusing the Indian truck manufacturer Mahindra & Mahindra, Ltd. and its U.S. counterpart of fraud, misrepresentation, and...more

The Check Book -- A Guide for Check Disputes -- May 2012

Note to Readers Not Legal Advice. This Guide is not intended to express any legal opinions or to provide legal advice. You should consult an attorney for legal advice. Code Interpretations. You should refer to the...more

Overlapping Auto Coverage In The New Age

The Alberta government, in its wisdom (or lack thereof) has recently changed the rules for situations of overlapping auto coverage. In this paper, I will summarize the changes with a particular focus on non-owned auto...more

Buyer Beware: 363 Sale May Not Absolve Successor Liability

It has long been understood by buyers of assets of distressed companies that once a sale is authorized pursuant to Section 363 of the Bankruptcy Code, the buyer is absolved of any liabilities which may have encumbered the...more

Private Offerings in New York: How an “Integration Clause” bars an Investor from Relying on the Offerors’ Representations

Anyone in business should be careful to note whether their contracts contain “integration clauses.”  A so called integration clause makes the contract “king” in terms of the promises and...more

Too Little, Too Late For Plaintiff's Fraud-Based Mortgage Lawsuit

In Vaca v. Wachovia Mortgage Corporation, --- Cal.Rptr.3d ----, 2011 WL 3659938 (Cal.App. 4 Dist. 2011), the California Court of Appeal affirmed the dismissal of a fraud claim on statute of limitations grounds. In 2005, the...more

Mortgage Fraud in Miami, South Florida 2nd Highest in USA - But Are Con Artists That Rampant Here in Miami-Dade? No.

Mortgage fraud is a national problem that's getting more and more rampant in our area, according to Interthinx, a company that periodically releases its research analysis of national fraud numbers. Its warnings are...more

A New Front in Financial Institution Scrutiny — Treble Damage Threat Against HUD Lenders Based on Alleged Program-Level Failures

The Department of Justice has served notice that it intends to take aggressive action – and seek billion-dollar recoveries – against banks and residential mortgage lenders on a new front for conduct it alleges amounts to...more

Advertising Law Newsletter - March 04, 2011

In this issue: NARB: Staples Should Discontinue, Modify Use of “Like FREE” Claim; Privacy Legislation Hits Congress, Including Do-Not-Track Bill; Zip Code Is “Personal Information” Under California Law; Partridge Show Actress...more

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