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N.C. Court of Appeals Addresses "Offset" Defense In Loan Deficiency Claims, the Ownership Element of Trespass

The Court of Appeals issued a number of decisions today, while snow and ice ghosted the City of Raleigh. The Court addressed trespass to land, the availability of the "offset" defense to commercial loan guarantors. Let's...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

The Financial Ombudsman Service (FOS) determination – what amounts to a failure to take ‘reasonable precautions’?

The FOS has released its first edition of The Circular for 2015. Of notable interest was a key determination affirming that general policy exclusions for failing to take reasonable precautions do not apply to negligence....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

Consumers Permitted To Proceed With Data Breach Class Action Against Target

On December 18, 2014, the U.S. District Court for the District of Minnesota ruled, in a 46-page opinion, that a putative class of consumers could proceed with a majority of their claims against Target arising from the data...more

Staffing Companies Hit with Class Action Alleging Violation of Fair Credit Reporting Act

Fair Credit Reporting Act class actions remain on the rise. The latest one of note was recently filed in Maryland federal court against staffing agencies Aerotek, Inc. and Allegis Group, Inc., alleging that they violated the...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

2014 SEC and FINRA Enforcement Actions Against Broker-Dealers and Investment Advisers

The sheer number of enforcement actions brought against broker-dealers and investment advisers makes it challenging to keep up. In this alert, we divide this year’s most important cases against broker-dealers and investment...more

Bank That Accepted Stolen and Forged Checks From Check-Cashing Company Had Duty of Care to Verify Endorsements

Addressing an issue of first impression, the California Fourth Appellate District has decided that a check cashing service is not a bank for purposes of the fraudulent indorsement provisions of Section 3405 of the California...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

Defamation Action Regarding Fraudulent Accounting Claim Withstands Motion To Dismiss

Action by Greenberg against Spitzer for defamation based on public statements by Spitzer about Greenberg’s stewardship of AIG regarding, among other things, Spitzer’s assertion that Greenberg engaged in fraudulent accounting....more

Texas Supreme Court Opinions and Orders (8/14 - Part 2)

In its weekly orders on Friday, August 22, 2014, the Supreme Court was busy. The Court issued 7 opinions, granted 4 petitions for review, and set 4 mandamus petitions for argument. Scott Stolley summarized 3 of the opinions,...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

Bank Must Face Homeowner’s Negligence Claim Because It Owes A Duty To Use Reasonable Care In Processing Loan Modification

In Alvarez v. BAC Home Loans Servicing L.P. (August 7, 2014, A138443) --- Cal.App. 4th ---, the First District Court of Appeal reversed a judgment entered in favor of Defendants as to fraud, unfair competition and negligence...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

NC Supreme Court Reminds Court of Appeals That Typical Lender-Borrower Relationship is Not a Fiduciary One

The North Carolina Supreme Court recently reaffirmed that a run-of-the-mill lender and borrower are not fiduciaries, reversing the Court of Appeals decision that would have this issue to go to the jury. The case is Dallaire...more

Main Street Cashes $3.1 Billion in Checks from Wall Street

With the mortgage crisis almost a decade in the rear-view mirror, some harmed homeowners are just now starting to see reparations for the transgressions of the country’s largest financial institutions. ...more

Inadvertence May Be Unavailing, Says the Fifth Circuit on Judicial Estoppel

The Fifth Circuit became the second United States Court of Appeals to establish a three prong test for determining whether a bankrupt debtor should be judicially estopped from pursuing a cause of action that she failed to...more

Court Confirms Bank Can Be Held Liable for Conduct and Representations Occurring During Loan Modification Process

A California Court of Appeal recently held that a defaulting mortgagee can assert claims for breach of contract, wrongful foreclosure, unfair business practices and negligent misrepresentation against the foreclosing bank...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

South Carolina Legislative Update

In the final regular week of work for the 120th legislative session, the General Assembly set to work through a statewide ban on texting while driving and ethic reforms – in addition to agreeing to a $24 billion budget for...more

Stolen Customer Data Results in Ontario's First Certified Privacy Class Action

Businesses that collect personal information have an added incentive to monitor employees handling customer data – Ontario's first class action arising from the new tort of "intrusion upon seclusion" was certified last week....more

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