Finance & Banking Constitutional Law

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D.C. Circuit Rules Small Bank has Standing to Challenge the Constitutionality of Consumer Financial Protection Bureau

Last week, the D.C. Circuit Court of Appeals reversed a D.C. District Court decision dismissing a bank’s complaint challenging the constitutionality of the CFPB based on lack of standing. The district court had concluded that...more

DC Circuit Keeps Alive Bank’s Constitutional Challenge to CFPB’s Existence

Most constitutional challenges to agency action arise as a defense to an enforcement action. However, State National Bank of Big Spring, Texas (the “Bank”) has led a constitutional challenge to the very existence and...more

Illinois Court Strikes Down Chicago Pension Reforms, Deepening City's Financial Crisis

On July 24, 2015, Judge Rita M. Novak of the Circuit Court of Cook County, Illinois struck down recently enacted legislation designed to shore up two of the City of Chicago’s severely underfunded pension plans by, among other...more

New York Appellate Court Confers Standing on Assignee of Note Previously Discharged in Bankruptcy

A mortgage lender has standing to foreclose even when it obtains assignment of the underlying promissory note after the note has been discharged in bankruptcy, a New York appellate court has ruled. The case arose after the...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending July 10, 17 & 24, 2015

REAL PROPERTY UPDATE - Eviction/Summary Judgment: Error to grant summary judgment where plaintiff failed to refute multiple affirmative defenses including an assertion that the eviction would cause an inequitable...more

Challenge to CFPB’s constitutionality reemerges

The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al.,...more

When the Fifth Amendment Privilege Doesn't Work-Tax Cases

A recent decision of the Third Circuit Court of Appeals illustrates the futility of expecting that the Fifth Amendment Privilege Against Self-incrimination will shield taxpayers from production of offshore financial records. ...more

Remijas v. Neiman Marcus: Seventh Circuit Affords Broad Standing To Sue Over Consumer Data Breaches

When hackers breach a business’s systems, class actions are sure to follow. Often, however, these suits have faltered right out of the starting gate. Citing the Supreme Court’s 2013 decision in Clapper v. Amnesty...more

Lawsuit by U.S. Presidential Candidate Challenges the Constitutionality of FATCA

Senator Rand Paul, R-Ky., along with six current and former U.S. citizens living abroad, filed a lawsuit, July 14, in the U.S. District Court for the Southern District of Ohio challenging the constitutionality of the Foreign...more

Bank Has Standing to Challenge Constitutionality of CFPB

In State National Bank of Big Spring v. Lew, the United States Court of Appeals for the District of Columbia Circuit ruled that the plaintiff had standing to challenge the constitutionality of the CFPB. The Court made quick...more

Change in the Prevailing Winds in Consumer Data Breach Cases?

Seventh Circuit Rules Consumers Have Standing to Sue in Neiman Marcus Payment Card Data Breach Case - In Remijas v. Neiman Marcus Group, LLC, the Seventh Circuit reversed a district court decision dismissing consumer...more

New Court Decisions Expose Non-U.S. Banks With U.S. Branches To New Risks Of Litigation In American Courts

Non-U.S. banks with branches in New York and elsewhere in the United States find themselves sued or otherwise exposed to judicial orders in American courts with regularity. The cases reflect the full range of U.S. legal...more

Nevada Amends Law Regarding Deficiency Judgment Calculation

By amending a statute that limits deficiency judgment amounts in certain cases, Nevada lawmakers have attempted to restore balance as the law applies to commercial properties. The amendments follow a recent wave of litigation...more

Gov. Christie’s Cuts in N.J.’s Mandatory Public Pension Funding Found to be Legal

A recent study estimated that state public pension plans are underfunded by $4.7 trillion (yes, that’s a “T”). Ten states have plans in which less than 30-percent of benefit obligations are funded, and only three states have...more

Third Circuit Rules That Actual Harm Needed for Monetary Equitable Remedy

The Third Circuit recently held that a plaintiff was not entitled to a monetary, equitable remedy under ERISA § 502(a)(3) where he failed to prove actual harm. Perelman v. Perelman, Nos. 14–1663, 14–2742, 2015 WL 4174537 (3d...more

CFPB seeks to hire administrative law judge

The CFPB recently posted a job opening for an administrative law judge (ALJ). According to the government jobs website, the position is closed which suggests that it has been filled. A recent Politico article indicated that...more

California Supreme Court Grants Review of Homeowner's Wrongful Foreclosure Claims

On July 15, 2015, the California Supreme Court granted review of Boyce v. T.D. Service Company (2015) 235 Cal.App.4th 429. (Supreme Court Case No. S226267.) In Boyce, the Court of Appeal held that a plaintiff's wrongful...more

Anti-Discrimination Housing Laws Tackled by U.S. Supreme Court

Public Agencies May Face Litigation, but Court-Imposed Safeguards to Limit Liability - Having taken up the question twice before only to see both cases settle, the United States Supreme Court recently concluded that...more

"DC Circuit Unanimously Upholds Federal Contractor Contribution Ban"

On July 7, 2015, the federal circuit court for the District of Columbia sitting en banc issued a unanimous opinion upholding the federal contractor contribution ban against a constitutional challenge in the long-running case...more

MoFo New York Tax Insights - Volume 6, Issue 7 - July 2015

In This Issue: - Important Changes at NYS and NYC Tax Agencies - Court of Appeals Upholds Constitutionality of Taxing Nonresidents on Gain from S Corporation Stock Sale in Two Separate Decisions - NYC Tribunal...more

D.C. Circuit Upholds 44-Year-Old Ban: The answer is still “no” for individual federal contractors wishing to contribute to federal...

On July 7, 2015, in Wagner v. Federal Election Commission, the U.S. Court of Appeals for the District of Columbia Circuit upheld the ban on individual federal contractor contributions to federal candidates and political...more

SCOTUS Decision in Spokeo Could Have Significant Impact on Data Breach Litigation

Following several significant data breaches in 2014 and 2015, including one reported just last week by the IRS, organizations of all types are on high alert to safeguard against data breaches and to prepare incident response...more

New Nevada Commerce Tax Effective July 1, 2015

While not purporting to give specific advice on Nevada tax law, the following is a summary of some of the general principals underlying the new tax law. A new Nevada Commerce Tax (“NCT”) was signed into law by Nevada Governor...more

EU Court of Justice finds OMT programme for purchase of government bonds not contrary to EU Treaties

In a judgment handed down on 16 June 2015, in the first ever preliminary reference made from Germany’s Federal Constitutional Court (Bundesverfassungsgericht), in Peter Gauweiler and Others v Deutscher Bundestag (Case...more

Testimony on Prior Plaintiff’s Possession of Original Note at Inception May Fail When Contravened By Pleadings & Without Other...

In David L. Ham, Jr. v. Nationstar Mortgage, LLC, 1D14-4024 (Fla. 1st DCA May 12, 2015), the First District Court of Appeals (“First DCA”) reversed the trial court’s Final Judgment of Foreclosure in favor of Nationstar for...more

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