Finance & Banking Constitutional Law

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There’s No Place Like Home: SEC Increasingly Uses Administrative Proceedings

Stung by adverse court rulings in some of its enforcement cases, the SEC is bringing more of those cases in its own forum—an SEC administrative proceeding. ...more

What Do You Do When The Bank Wants Your Condemnation Award?

Property owners typically have a lot on their minds when they find out that the government is going to be taking their property. For residential owners, they need to worry about where they are going to live with their...more

Michigan Puts New Road-Funding Tax Structure Up For May 5 Referendum Vote

Michigan voters will have the final say on approving a deal between Gov. Rick Snyder and the Michigan Legislature to overhaul the state’s tax structure to fund road improvements at a referendum election on May 5, 2015. The...more

Federal District Court Dismisses “100% Equity Strategy” Claims on Statute of Limitations Grounds

A federal district court held that participants in a defined benefit plan had standing to challenge plan fiduciaries’ strategy of investing 100% of the plan’s assets in equities, but dismissed those claims based on ERISA’s...more

American Bankruptcy Institute (ABI) Reform Commission Releases Report Recommending Significant Changes to Chapter 11

On December 8, 2014, the American Bankruptcy Institute (ABI) Commission to Study the Reform of Chapter 11 published a 400-page report containing far-reaching recommendations. The report is the result of a three-year study...more

Guindon: SCC Hears Arguments in Penalty Case

The Supreme Court of Canada heard oral arguments today in the case of Guindon v. The Queen (Docket No. 35519). At issue in the case is the nature of the third-party penalty in section 163.2 of the Income Tax Act....more

Methodology for Measuring National Content in Mexican Hydrocarbon Sector - The Three Legal Schemes Impacted in the National Oil...

The "Methodology for measuring national content in Allocations and Contracts for Exploration and Extraction of Hydrocarbons, as well as for the Permits in the Hydrocarbons Industry"was published on Nov. 13, 2014,in Diario...more

California District Court Denies Certification Where Putative Class Members Lack Standing and Plaintiff Fails to Conduct Extensive...

The United States District Court for the Eastern District of California recently denied class certification in a case alleging wrongdoing by a loan servicer in connection with the Home Affordable Modification Program...more

Prosecuting Individuals for Financial Crimes - Some Questionable Recent Ideas

The government must be very sensitive about all the criticism it has been getting, from Congress, some judges and others, for not prosecuting more individuals for financial crimes. Perhaps in response, senior government...more

Court Sets Aside SEC’s First Muni “Control-Person” Settlement

Earlier this month, the SEC used a “control-person” charge in a settled action against an elected municipal official in connection with municipal bond offering. Enforcement touted that “first” on the Monday after: “An...more

St. Louis County Ordinance Requiring Pre-Foreclosure Mediation Unconstitutional, Missouri Supreme Court Holds

The Missouri Supreme Court recently ruled that a St. Louis County ordinance requiring lenders to mediate with borrowers prior to foreclosure was void ab initio because it was not directed to a matter of purely municipal...more

Illinois Supreme Court Debates Constitutional Challenge to Rental Housing Support Program

During its September term, the Illinois Supreme Court heard oral arguments in Marks v. Vanderventer, a direct appeal from the Circuit Court after the court’s order finding the fee collection provisions of a “Rental Housing...more

The Supreme Court Keeps Its “Stern” Promise Not To Change Bankruptcy Court Jurisdiction

The bankruptcy bench and bar breathed a sigh of relief when the Supreme Court issued Executive Benefits Insurance Agency v. Arkison (In re Bellingham Insurance Agency, Inc.), No. 12-1200 (June 9, 2014) (“Bellingham”). Its...more

Illinois Supreme Court Agrees to Return to Pension Debates

In the closing days of its September term, the Illinois Supreme Court agreed to return once again to what surely must be the most controversial subject at the moment in all of Illinois’ civil law: public pensions. Matthews v....more

Construction Law Alert: Appellate Court Rules General Contractors Can Contractually Subordinate Mechanics Lien Rights

In Moorefield Construction, Inc. v. Intervest-Mortgage Investment Co., 230 Cal. App. 4th 146 (4th Dist. 2014), a California appellate court upheld an agreement executed by a general contractor which subordinated its...more

Blog: HOA Liens Reign Supreme Under Nevada’s Interpretation of the Uniform Common Interest Ownership Act

Nevada is one of many states that adopted some iteration of the Uniform Common Interest Ownership Act, an act designed in part to aid homeowners’ associations (“HOAs”) in recovering delinquent fees from their members. As...more

California Low Carbon Fuel Standard Overhaul Continues

I. LCFS Readoption - The California Air Resources Board (“ARB”) is on the cusp of readopting the Low Carbon Fuel Standard (“LCFS”) regulation to remedy legal defects in the initial adoption process found by the...more

CFPB’s constitutionality again before D.C. Circuit in Morgan Drexen appeal

The CFPB’s constitutionality is again before the D.C. Circuit, with the D.C Circuit now being asked to consider the impact of the U.S. Supreme Court’s decision in NLRB v. Canning on actions taken by the CFPB while Director...more

Infrastructure on the Ballot

I love voting on Election Day. Not early voting, not absentee voting, but waiting in line with my friends and neighbors, going into a semi-private booth and pressing a button, pulling a lever or using whatever modern voting...more

Mexico’s Energy Reform Provides Significant Opportunities In Oil And Gas Exploration And Production

Mexico’s new energy legislation, which went into effect on August 12, 2014, will completely restructure the Mexican energy sector, including both hydrocarbons and electricity. This legislation opens up oil and gas...more

Ohio District Court Limits American Pipe Tolling Doctrine

The District Court for the Southern District of Ohio recently limited the American Pipe tolling doctrine in a fraud suit arising out of the sale of residential mortgage-backed securities (“RMBS”). Plaintiffs’ 2011 Ohio...more

First Department Affirms Dismissal of Ambac’s Contract Claims Against EMC

On October 16, the Appellate Division, First Department of the Supreme Court of New York affirmed the dismissal of Ambac Assurance Corporation’s breach of contract claims against EMC Mortgage arising out of an RMBS...more

There’s No Place Like Home: The Constitutionality of the SEC’s In-House Courts

Until recently, it was extremely rare for the SEC to bring enforcement actions against unregulated entities or persons in its administrative court rather than in federal court. However, as a result of the Dodd-Frank Act (and...more

Constitutional Default Interest Rate of 7% Rather Than 10% Default for Breach of Contract, Applies to Prejudgment Interest on a...

Addressing an issue of first impression, the Fourth Appellate District has determined that in a mechanic's lien foreclosure action against an innocent property owner who did not contract with the mechanic's lien claimant, the...more

Investment Adviser Challenges Constitutionality of SEC Administrative Proceedings

A registered investment adviser and its principal recently sued the Securities and Exchange Commission for declaratory and injunctive relief to stave off an imminent administrative enforcement action, alleging that the tenure...more

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