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Civil Procedure Finance & Banking

Read Civil Procedure updates, alerts, news, and legal analysis from leading lawyers and law firms:

Revisiting the West Virginia Consumer Credit and Protection Act – Again

For the second time in two years, West Virginia’s legislature passes a bill to modify the state consumer protection law....more

Supreme Court Hears Oral Argument on Scope of FDCPA

by Goodwin on

On April 18, 2017, the United States Supreme Court, once again with nine justices sitting on the bench, heard oral arguments in Henson v. Santander Consumer USA, Inc., No. 16-349, concerning the scope of the Federal Debt...more

California Deals Another Blow to Arbitration Agreements, But It Is Far From A Knockout Punch

California continues to modify the Concepcion landscape. On April 6, 2017, the California Supreme Court once again issued a pro-consumer ruling that is already being applauded by the plaintiffs’ bar. The ruling came out in...more

Changing the Game, Again: Supreme Court Could Limit SEC’s Authority to Seek Disgorgement

This week, the Supreme Court heard argument regarding whether the SEC’s actions to disgorge ill-gotten gains are subject to a five-year statute of limitations for “any civil fine, penalty, or forfeiture.”...more

Top Four Trends From INSOL Sydney 2017

by Kobre & Kim on

On the heels of the recent INSOL Quadrennial Congress, which took place in Sydney, Australia, Kobre & Kim’s global bankruptcy and debtor-creditor disputes team joined colleagues from around the world to discuss developing...more

Wisconsin’s Supreme Court: Contractual Waivers of Civil Jury Trial Are Enforceable

by Foley & Lardner LLP on

Last year the Wisconsin Court of Appeals threw businesses a curveball when it held that a contractual waiver of the right to a jury trial was unenforceable. The holding of the case, Parsons v. Associated Banc-Corp., 2016...more

Financial Services Weekly News - April 2017 #3

by Goodwin on

Editor's Note - Cross River Bank Takes on Colorado in True Lender Action. This past January, the Administrator of Colorado’s Uniform Consumer Credit Code filed a court action against Marlette Funding LLC (Marlette),...more

California Supreme Court Finds Arbitration Agreement Waiver of 'Public Right' Unenforceable

by Pepper Hamilton LLP on

On April 6, the California Supreme Court issued a unanimous opinion in McGill v. Citibank, finding that a pre-dispute arbitration agreement was unenforceable to the extent it required the plaintiff to waive her right to seek...more

Group proceedings settlement update: Court of Appeal upholds binding nature of settlement on group members

by DLA Piper on

In Pekell, the Court of Appeal has provided welcome clarity around the effect of settlements in group proceedings, which should provide comfort to group proceeding defendants and their insurers. Importantly, the case affirms...more

Chancery Rules that Claims against General Partner are Direct, Allows Action to Proceed Despite Partnership’s Bankruptcy

by Fox Rothschild LLP on

Whether a claim against company management is direct or derivative is not infrequently disputed in litigation before the Delaware Court of Chancery. This determination becomes important in many contexts, including whether it...more

Bankruptcy Court Imposes Massively Disproportionate $45 Million Punitive Exaction, Then Plays Santa Claus With $40 Million Of It

A bankruptcy judge in the Eastern District of California recently issued a decision that is sure to raise appellate eyebrows. Concluding in In re Sundquist that the defendant bank had violated the automatic stay by...more

California Last State to Join Multistate Settlement of Western Union Fraud Schemes

by Kelley Drye & Warren LLP on

Last week, California became the 50th state to join the multistate settlement with Western Union over its alleged complicity in fraud-induced wire transfers. This followed Western Union’s $5 million agreement with 49 state...more

Eleventh Circuit Accepts Spokeo Argument; Holds That Mere Procedural Violation is Not Enough to Confer Standing

by Balch & Bingham LLP on

In a victory for defendants, the Eleventh Circuit recently agreed that a mere procedural violation—the kind of injury that has become the favorite of the plaintiffs’ bar—is insufficient to confer Article III standing. More...more

FINRA Office of Dispute Resolution Party Portal Now Required

by Rumberger Kirk & Caldwell on

Amendments to the Financial Industry Regulatory Authority, Inc.'s ("FINRA's") Customer and Industry Codes of Arbitration Procedure require that all parties (except for pro se customers) to FINRA arbitrations must use the...more

The Supreme Court Agrees to Decide Whether a Failure to Disclose Known Trends and Uncertainties Under Item 303 of SEC Regulation...

by Alston & Bird on

On March 27, 2017, the U.S. Supreme Court granted a petition for writ of certiorari in Leidos v. Indiana Public Retirement System, et al., No. 16-581, and agreed to review the Second Circuit’s decision that Item 303 of SEC...more

When Confidential is Not Confidential - Identities of Confidential Sources of Distressed Debt Reporter are Not Subject to NY...

by Dechert LLP on

There is the general expectation that when a source discloses information to a reporter on a confidential basis, the source will be protected and their identity and communications cannot be forced to be disclosed. This is...more

Claims Dismissed Against Successor Transfer Agent Where There Was No Showing Of A Duty Owed To The Investors

In Magna Equities II, LLC et al., v. Writ Media Group Inc., et al., No. 653808/2016, 2017 BL 115243 (N.Y. Sup. Ct March 30, 2017), Justice Peter Sherwood dismissed for lack of jurisdiction and failure to state a claim all...more

Update: Briefs Filed in CalPERS v. ANZ Securities

The Supreme Court is set to hear arguments on Monday in CalPERS v. ANZ Securities. Previously we provided a comprehensive overview of CalPERS’s brief. In anticipation of oral arguments, below we discuss the arguments raised...more

Federal Judge Dismisses Claims In Nationwide Default Servicing Class Action

by Goodwin on

On March 30, 2017, Judge Karas of the Southern District of New York dismissed multiple claims in a putative nationwide class action challenging default servicing activities. In the case, Tardibuono-Quigley v. HSBC Mortgage...more

District Court Takes Perplexing View on FDCPA Standing

An Illinois district court has taken a broad view of standing under section 1692e of the FDCPA. In Koval v. Harris & Harris, Ltd., 2017 U.S. Dist. LEXIS 53124 (N.D. Ill. Apr. 5, 2017), a demand letter addressed to Michael...more

California Supreme Court Finds Waiver Of Statutory Remedy In Arbitration Agreement Contrary To Public Policy

by Carlton Fields on

“Agreements to arbitrate claims for public injunctive relief under [California’s Consumers Legal Remedy Act or Unfair Competition Law], or the false advertising law are not enforceable in California.” The California Supreme...more

Court Applies “Fiduciary Exception” to Mutual Fund Trustees’ Attorney-Client Privilege

by Carlton Fields on

In Kenny v. Pacific Inv. Mgm’t Co. LLC (W.D. Wash.), a federal judge recently ruled that a mutual fund’s independent trustees must produce certain documents that the trustees had redacted or withheld based on attorney-client...more

Florida's Fourth DCA Holds Borrower is Not Entitled to Attorney’s Fees for Dismissal Based on Lack of Standing to Foreclose

by Burr & Forman on

Florida’s Fourth DCA issued an opinion on April 12, 2017 in Nationstar Mortgage LLC v. Glass, No. 4D15-4561, following suit with the Third and Fifth DCAs in denying a borrower’s motion for attorney’s fees based on a provision...more

Buyers Beware! Florida’s District Courts of Appeal Confirm that Third Party Purchasers Have Little to No Right to Participate in...

by Burr & Forman on

Third party purchaser lacks standing to participate in foreclosure proceeding, absent assertion of intention to redeem the property. After the Second District Court of Appeal issued a per curiam affirmance of the entry...more

Supreme Court to Resolve Whether Failure to Disclose under Item 303 of SEC Regulation S-K Gives Rise to Securities Fraud Claims

by Carlton Fields on

On March 27, 2017, the Supreme Court granted certiorari in the case of Leidos Inc., f/k/a SAIC Inc. v. Indiana Public Retirement System, a securities fraud class action. The case will resolve a circuit split over whether a...more

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