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Colorado Supreme Court: Construction Lender's Subsidiary Is Not a Subsequent Purchaser - Negligence Claim May Not Be Asserted...

Lenders and contractors may want to take additional precautions before they take title to a newly constructed home through foreclosure (or deed in lieu of foreclosure) following a recent decision by the Colorado Supreme...more

Bank of Delmarva v. South Shore Ventures, LLC, Del. Super., C.A. No. S13C-05-008 THG (Oct. 21, 2014)

The Superior Court granted the Bank of Delmarva’s (“Bank”) motion for summary judgment as to each of Defendant John E. O’Brien’s (“Defendant”) counterclaims. In 2005, Defendant along with South Shore Ventures, LLC (“Shore”)...more

State Insurance Regulators Target Insurers' Responses to Cyber-Attacks

Cyber-attacks are becoming increasingly common and destructive, with the recent incidents involving Sony and Anthem Blue Cross Blue Shield serving as cautionary tales. As a result, state insurance regulators are focusing on...more

SEC and FINRA Issue Cyber Security “Alert”

The SEC and FINRA each issued February 3 cyber security “alerts” summarizing last year’s sweep exams and pointing out the obvious. In two parts, the SEC’s press-release covered the results of the Commission’s 2013-2014 sweep...more

Not Worth The Paper It's Printed On? Strategies For Dealing With The Fraud Exception To The Parol Evidence Rule

This article explores possible measures that parties to commercial transactions and their attorneys can take to help ensure greater contract certainty when fraud claims of one type or another are not barred by the parol...more

Financial Institutions’ Claims in Data Breach Litigation Survive Target’s Motion to Dismiss

In a much anticipated decision, a United States District Court in Minnesota denied Target’s attempt to dismiss financial institutions’ putative class action claims relating to losses they suffered as a result of last year’s...more

Plaintiff’s Law Firm Steps Up Actions Against Bitcoin-Related Companies: Crypto Currency Exchange and Founder Sued for “Theft” of...

According to a complaint filed in a Florida court, a Cryptsy account holder is claiming that Project Investors, Inc. (dba Cryptsy) and its founder and CEO should be held liable for Bitcoin allegedly stolen from his Cryptsy...more

Bad Faith Sentinel - August 2014

In This Issue: - Northern District of Texas Dismisses Bad Faith Claims in Well-Control Policy Dispute - District of South Dakota: Denying a Claim for Reasons Known to be False is Not a Reasonable Basis to Deny...more

Georgia Supreme Court: Business Judgment Rule Valid, But Bank Officers Can Still Be Liable

In the context of Federal Deposit Insurance Corporation (FDIC) litigation against the former directors and officers of a failed bank, the Georgia Supreme Court has upheld the validity of the business judgment rule in the...more

FDIC v. Loudermilk, et al.—Georgia’s Business Judgment Rule (and Its Limitations)

On July 11, 2014, the Georgia Supreme Court issued its highly anticipated decision in FDIC v. Loudermilk, addressing squarely the extent to which Georgia’s business judgment rule shields bank directors and officers from...more

Third Circuit Concludes Personal Injury Causes of Action Against a Successor to Debtor’s Business are Generalized Claims

In a novel decision, the United States Court of Appeals for the Third Circuit held, in its ruling In re Emoral, Inc., 740 F.3d 875 (3d Cir. 2014), that personal injury claims of individuals allegedly harmed by a bankrupt...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

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

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

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

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

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

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

The Check Book -- A Guide for Check Disputes -- May 2012

Note to Readers Not Legal Advice. This Guide is not intended to express any legal opinions or to provide legal advice. You should consult an attorney for legal advice. Code Interpretations. You should refer to the...more

Overlapping Auto Coverage In The New Age

The Alberta government, in its wisdom (or lack thereof) has recently changed the rules for situations of overlapping auto coverage. In this paper, I will summarize the changes with a particular focus on non-owned auto...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

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