Finance & Banking Personal Injury Civil Procedure

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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

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

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

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

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

$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

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

Failure to Issue Litigation Hold Is Not Necessarily Gross Negligence, Second Circuit Holds

In a decision that will surprise some, the U. S. Court of Appeals for the Second Circuit recently held in Chin v. Port Authority that the failure to issue a litigation hold is not gross negligence per se. This decision runs...more

Credit Rating Agencies’ Opinions Are Not Immune

Recently, U.S. District Judge Shira A. Scheindlin, Southern District of New York, rejected the contentions of Morgan Stanley & Co. Inc. and several ratings agencies, including Standard & Poor’s, Moody’s and Fitch, that credit...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

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

Pa. Appellate Court Issues Opinion in Dietz v. Chase Home Finance, LLC, Clarifying Preemption of State Common Law Claims by Fair...

The decision in Dietz is one of first impression in the Pennsylvania appellate courts and essentially forecloses would-be plaintiffs from asserting common law claims against creditors based on incorrect credit reporting,...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

Texas Insurance Law Newsbrief

IN THIS ISSUE: Paid v. Incurred Medical Expenses; Coverage for Settlement of FTC Class Action; Insurable Interest; Twombly & Igbal; Premium Payment as Condition Precedent to Coverage; Duty to Defend; Policy Issuance;...more

Second Circuit Clarifies Standard Regarding Knowledge Of Facts That Constitute A Securities Fraud Violation For Purposes Of...

In City of Pontiac General Employees’ Retirement System v. MBIA, Inc., 2011 U.S. App. LEXIS 3813 (2d Cir. Feb. 28, 2011), the United States Court of Appeals for the Second Circuit delineated the standard needed to asses how...more

New York High Court Exonerates Advisers for Aiding and Abetting Corporate Fraud

The Delaware Supreme Court recently affirmed a judge's order dismissing a derivative action fined against American International Group's outside auditor, PricehouseCoopers. Teacher's Ret. Sys. of La. v. PricehouseCoopers LLP,...more

Third Party "Alter Ego" Subpoena Quashed

The U.S. District Court for the District of Nevada quashed a third party subpoena on a bank because the subpoena was overbroad. Plaintiffs sued a series of individuals and corporate entities for construction defects, fraud...more

Structured Finance Litigation Update

Waivers Not Always a Bar to Claims: Judge Scheindlin of the Southern District of New York dealt a blow to defendants in securities fraud cases in an October 29, 2010 decision in King County v. IKB Deutsche Industriebank....more

Collecting Unpaid Wages Gets Easier

Collecting Unpaid Wages Gets Easier: Illinois workers can now go straight to court to collect unpaid wages, as well as their legal fees, rather than first filing a complaint with the state; Employees can now sue not only...more

Deceptive Trade Practices Demand Letter - Inaccurate Credit Reporting

The Texas Deceptive Trade Practices Act requires that before filing suit a plaintiff send to a prospective defendant a demand letter. Each letter is different, just as each case is different. I try to not just threaten the...more

Illinois Supreme Court to File Opinions in Four Civil Cases Thursday

The Illinois Supreme Court announced this afternoon that on the morning of Thursday, October 21, it will file opinions in four civil cases: J. P. Morgan Chase Bank, N.A. v. Earth Foods, Inc., No. 107682 -- Does Section 1...more

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