Finance & Banking Constitutional Law

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Illinois Supreme Court Rules that Retiree Health Subsidies are Constitutionally Protected Benefits

In a 6-1 decision that may have significant ramifications, the Illinois Supreme Court held in Kanerva v. Weems that state-subsidized retiree medical premiums for certain public sector retirees are a protected benefit under...more

Summary Of Puerto Rico Public Corporation Debt Enforcement & Recovery Act

On June 28, 2014, the Commonwealth of Puerto Rico adopted the Puerto Rico Corporations Debt Enforcement & Recovery Act, Act 71-2014 (the “Debt Enforcement Act”), enabling certain Commonwealth public corporations in financial...more

DC Circuit Holds Named Plaintiff Who Settles Individual Claims Retains Standing To Appeal Denial Of Class Certification

In Stephens, two former pilots brought a putative class action lawsuit against their employer airline and their retirement plan, alleging that a delay in paying retirement benefits and failure to pay interest during the delay...more

The CFPB issues guidance on ensuring equal treatment for same-sex married couples

On June 25, 2014, the CFPB issued guidance setting forth basic principles on the issue of equal treatment for legally-married same-sex couples. The CFPB noted that this guidance was issued in response to the decision in...more

Illinois Supreme Court Adopts Broad Construction of Constitutional Pension Clause

The Illinois Supreme Court has issued its much-anticipated opinion in Kanerva v. Weems. Kanerva represents the Court’s first opportunity to address the state Constitution’s Pension Protection Clause since the Illinois General...more

Illinois Supreme Court Debates Effect of Failure to Register as Debt Collector

Our reports on the oral arguments during the May term of the Illinois Supreme Court continue with a direct appeal pursuant to Supreme Court Rule 302 – LVNV Funding v. Trice....more

You Got To Show It If You Don’t Want To Blow It

The filing of a bankruptcy petition creates a bankruptcy estate that includes “all legal or equitable interests of the debtor in property as of the commencement of the case.” Highland Capital Mgmt. LP v. Chesapeake Energy...more

Parallel Government Actions Against Bank of America May Proceed

On June 19, Judge Max O. Cogburn, Jr. of the Western District of North Carolina issued Orders in two parallel actions by the DOJ and SEC against Bank of America, previously covered in the August 12, 2013 and April 7, 2014...more

Big Day Tomorrow - Two Public Pension Opinions Coming From the Illinois Supreme Court

The Illinois Supreme Court has announced that opinions in two cases addressing public employee pensions, Kanerva v. Weems and People ex rel. Madigan v. Burge, will be filed tomorrow morning at 9:00 a.m. With the Governor...more

Supreme Court Declines to Consider Madoff Appeal

On Monday, the U.S. Supreme Court refused to take up an appeal brought by Irving Picard, the court-appointed bankruptcy trustee charged with recovering assets on behalf of Madoff’s bankruptcy estate and distributing them to...more

Mortgagee Lacks Standing to Appeal

A panel of a Commonwealth Court held that a mortgagee is not an aggrieved party for purposes of standing to take an appeal of the assessment of real property. Mountain Manor Development Company LP v. Monroe County Board of...more

Supreme Court Clarifies Procedure for Deciding Stern Claims in Bankruptcy Courts, But Leaves Big Questions Unresolved

Bankruptcy courts have jurisdiction over "core" and "non-core" proceedings. See 28 U.S.C. § 157. In "core" proceedings, bankruptcy courts can enter final judgments. See 28 U.S.C. § 157(b). In "non-core" proceedings, however,...more

Russian Legislation Update

In This Issue: - Judicial Reform - Banking - First Reading: Quota for participation of foreign capital in Russian banking sector - Excerpt from Judicial Reform: On 4 June 2014 the President signed...more

Contamination, Underwater Mortgages, and the IRWA Annual Education Conference

Along with my colleagues Brad Kuhn, Ben Rubin, and Katherine Contreras, I'm here in Hartford at the IRWA Annual Education Conference. It's been an interesting few days as we discuss eminent domain issues in the shadow of New...more

California Investment Firm and City Team Up to Erase Mortgages Through Eminent Domain

If a California investment firm and the City of Richmond, California have their way, the mortgage industry may face a new threat: a plan to use government’s eminent domain power to seize homes where homeowners owe more than...more

ACE Files Complaint Re-Asserting Repurchase Claims Dismissed by the First Department

On June 18, trustee HSBC filed suit on behalf of ACE Securities Corp. Home Equity Loan Trust Series 2006-SL2 against DB Structured Products, Inc., a Deutsche Bank Subsidiary, in New York state court. The complaint attempts to...more

$15M Judgment Reversed Due to Flawed Statistical Sampling Approach to Class Action

In a significant victory for California employers, the California Supreme Court threw out a $15 million judgment in favor of allegedly misclassified employees. In Duran v. U.S. Bank National Association, a putative class of...more

Community Banking Excellence - Issue 2, 2014

In This Issue: - Another Perspective: Robert T. Braswell, President and Chief Executive Officer Carolina Bank: Mr. Robert T. Braswell is President and Chief Executive Officer of Carolina Bank. He has served in...more

Mexico Projects Part V: Upcoming CFE Projects

One of the goals of the Mexican Constitutional reforms opening both the oil and gas and electricity sectors to private investment is to make the Comisión Federal de Electricidad (CFE) an “empresa productiva del Estado” (a...more

Recent Cases Support Foreclosing Lenders against Challenges to Standing

The Florida Second District Court of Appeals recently ruled on yet another challenge to a note holder’s standing to foreclose based on lack of ownership of the mortgage. In OneWest Bank, F.S.B. v. Bauer (May 30, 2014), the...more

“Predatory Lending” Claims by Cities and Counties Against Financial Institutions Escalate in 2014

Cities and counties that have experienced increased foreclosure and vacancy rates in the aftermath of the housing market crash of 2007-2008, perhaps emboldened by recent court decisions, have recently filed several new...more

California Supreme Court Issues Favorable Decision for Employers in Duran v. U.S. Bank

The California Supreme Court has issued its long-awaited decision in Duran v. U.S. Bank. In a significant victory for employers, the Court unanimously agreed to overturn a $15 million judgment in a wage and hour class action...more

Supreme Court Ruling in Bellingham Offers Comfort but Little Clarity

A unanimous Supreme Court, in Executive Benefits Ins. Agency, Inc. v. Arkinson (In re Bellingham Ins. Agency, Inc.), 573 U.S. ___ (2014), confirmed a bankruptcy court’s power to submit proposed findings of fact and...more

The “Law’s” Limits On The Bankruptcy Court’s Ability To Impose Sanctions For Debtor Misconduct

In the first six months of 2014 the Supreme Court has already issued two opinions concerning the authority of the bankruptcy courts. The first opinion, Law v. Siegel, 134 S. Ct. 1188 (2014), was issued in March. In Law,...more

Tips to Help Avoid Class Action Litigation

Taking advantage of recent case law developments can assist financial institution employers in avoiding and/or minimizing their exposure to class and collective action litigation. For example, courts have become increasingly...more

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