Finance & Banking Personal Injury

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Sellers Cannot Look to the Appraiser When Lenders Pull the Plug on a Prospective House Flip

An outgrowth of Arizona’s housing downturn in recent years has been the proliferation of would-be real estate investors who purchase, renovate and flip residential properties. On the other hand, in part to prevent the next...more

Sixth Circuit Holds PTFA Preempts Less Restrictive State Law, May Be Used To Establish State Law Causes Of Action

On February 7, the U.S. Court of Appeals for the Sixth Circuit held that while the Protecting Tenants at Foreclosure Act (PTFA) provides no private cause of action, plaintiffs may use violations of the PTFA to establish...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

Another One Bites the Dust – U.S. Supreme Court Rules that ERISA Plans May Chase Funds Outside the Control of a Beneficiary

On November 12, the United States State Supreme Court denied cert in ACS Recovery Services, Inc., v. Griffin 723 F.3d 518 (5th Cir. 2013), preserving a 5th Circuit Court ruling which closed the door on another means of...more

Recent Case Opens Door to Civil Enforcement Claims for Negligent FICA Tax Withholding

A District Court in Eastern Michigan recently rejected a motion to dismiss a participant’s benefit claim, holding that an employer legally could be liable to a participant in a nonqualified deferred compensation plan when the...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

Federal District Court Grants FTC Request, Halts Online Payday Operation

On August 29, the U.S. District Court for the Northern District of Illinois ordered an online payday loan operation to cease business activities and freeze assets in response to a complaint and memorandum filed by the FTC on...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

Accountant’s Defamatory Report To Audit Committee Held To Be Absolutely Privileged

Once upon a time an independent accounting firm learned from a law enforcement source that its publicly traded client and two of its directors had committed illegal acts of a serious nature. ...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

Court Dismissed Customer's Libel Claim Based On Credit Report

In Meisel v. U.S. Bank, Meisel was a customer of U.S. Bank who found an original signed payroll check dated several years earlier from his former employer. No. 05-11-01336-CV, 2013 Tex. App. LEXIS 1740 (Tex. App.—Dallas...more

Bank Account Searches: Are They Permissble?

Lawyers and other professionals contact our office every day and ask whether it is permissible for an asset search company or private investigator to conduct bank, stock, bond or mutual fund account searches on a subject. The...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

When NJ Banks Are Liable For 3rd-Party Fiduciary Breach

Originally published in Law360, New York on January 29, 2013. Banks, broker/dealers and other financial institutions often are the subject of claims by noncustomer investors, businesses, and estate and trust...more

$193 Million RMBS Suit Against Countrywide Dismissed as Untimely

On January 10, Judge Mariana R. Pfaelzer of the United States District Court for the Central District of California dismissed a $193 million suit brought by mutual fund Asset Management Fund against several Bank of America...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

Bank Liability to Non-Customers in a Ponzi Scheme

The morning news reports flashes a report that your customer was actually a Ponzi scheme and defrauded numerous people. Of course, this is terrible news for the innocent victims, but, you ask yourself, could my bank be...more

Business and Commercial Litigation Newsletter #21 - October 2012

We are pleased to present the 21st edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we recap news about intellectual property rights, the sale of branded products and a U.S. lawsuit...more

Why and When to Conduct an Asset Search

Asset Search services are one of those areas that most people know little about until they need them. For example, personal injury attorneys have conducted asset searches to satisfy their due diligence in finding a...more

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