Finance & Banking Civil Procedure

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Court of Appeal Closes Door on U.S. Doctrine for Re-Ranking Creditors

The Ontario Court of Appeal (OCA) has closed the door on the application of equitable subordination in Companies’ Creditors Arrangement Act (CCAA) proceedings. In U.S. Steel Canada Inc. (Re), the OCA clarified the scope of...more

New True Lender Case Provides Support for the Bank Partnership Model

The court explicitly acknowledged that making it difficult for banks to assign or sell their commercial property to the secondary market impedes good public policy. On September 20, the U.S. District Court for the...more

Third Circuit Affirms Dismissal Of Suit To Vacate FINRA Arbitration Award

This case involved an underlying arbitration before an arbitration panel operating under the Financial Industry Regulatory Authority (“FINRA”) rules, which was brought by Judith and Kenneth Goldman against their financial...more

TIMBER! – Liability for damage to private property caused from a fallen tree?

For better or worse, banks frequently obtain possession of, or title to, pieces of property. Often times, these parcels of land have been neglected and are in poor condition. It would not be surprising to find a property...more

Real Property & Title Insurance Update: Week Ending September 16, 2016

REAL PROPERTY UPDATE - Vacation of Subdivision Plats: boards of county commissioners have limited authority under Fla. Stat. sec. 177.101(3) to grant or deny platted property owner’s request for vacation of plat; if...more

Federal Court Issues Trial Ruling in Section 36(b) “Manager of Managers” Lawsuit: AXA Advisory and Administrative Fees Held Not to...

The U.S. District Court for the District of New Jersey issued its post-trial ruling on August 25, 2016 in Sivolella v. AXA Equitable Life Insurance Company—the first Section 36(b) trial decision since 2009. The Court...more

Hanjin Shipping Co., Ltd: Liquidation or a Different Path?

On September 1, 2016, a rehabilitation procedure was commenced in the Seoul Central District Court in respect of Hanjin Shipping Co., Ltd (Hanjin). This action followed many months of discussions between Hanjin and its...more

Refinancing loans and valuations

Liability for a negligent valuation relied upon by a lender in refinancing a pre existing loan facility would not be limited to any new funds advanced but extend to the entire refinanced facility. Had there not been a...more

California District Court Delivers Payday Lending Usury Victory to the CFPB with Important Consequences for On-Line Lenders

On August 31, Judge Walter of the Central District of California entered summary judgment in favor of the Consumer Finance Protection Bureau (“CFPB”) on its claims against CashCall, Inc. arising out of allegedly unfair and...more

Currency fluctuations and Part 36 offers to settle

Novus Aviation Ltd v Alubaf Arab International Bank BSC(c) [2016] EWHC 1937 (Comm) is relevant when unforeseen fluctuations in the currency exchange rate between the time of a Part 36 offer and the time of judgment affect...more

North Carolina Court Clarifies Deadlines to Set Aside Fraudulent Conveyances

Recently, the North Carolina Court of Appeals, in the case of KB Aircraft Acquisition, LLC v. Berry, et al., clarified the time limit for bringing claims under the North Carolina Uniform Voidable Transactions Act (“UVTA”). ...more

Eleventh Circuit Affirms Dismissal of RICO Claim in Hidden Fee Case

On September 2, 2016, the Eleventh Circuit affirmed dismissal of a civil RICO claim in Ray v. Spirit Airlines, Inc., a case that challenged Spirit Airlines’ reporting of fees to customers. The Eleventh Circuit’s affirmance...more

Supreme Court to Consider Whether Allegations of Adherence to a Business Association’s Rules Can Trigger Antitrust Liability

Can participation in a business or trade association and allegiance to its rules trigger antitrust liability for association members under the Sherman Act? Next term, the Supreme Court will hear Osborn v. Visa Inc., the...more

Maine Mortgagees: Send Your Mortgagor the Actual Recorded Release, Not a Copy

On September 13, Maine’s Supreme Judicial Court (the “Law Court”), in a 4-2 split decision, issued an opinion that may expose mortgagees and mortgage servicers to significant liability under the Maine statute that governs the...more

SDNY Court Appoints Lead Master to Review 9,300 UBS Loans for Material Breach Following UBS Putback Trial

On September 6, 2016, following a 3-week long bench trial in May, U.S. District Judge P. Kevin Castel of the Southern District of New York held that he will appoint a Lead Master to determine whether there are “material...more

Bi-partisan Congressmen seek arbitration safe harbor allowing class action waivers

Republican Congressman Randy Neugebauer, who chairs the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit, and Democratic Congressman W. Lacy Clay, the Subcommittee’s Ranking...more

Payment Processor Risk: Do You Know It When You See It? Red Flags for the Unwary

Recent litigation and enforcement activities of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) spotlight the heightened regulatory focus on payment intermediaries, i.e. processors, and their role as...more

Massachusetts Appeals Court Addresses Statute of Limitations for Enforcement of Guaranty

In a case decided at the end of August, the Massachusetts Court of Appeals had the opportunity to address when the statute of limitations expires with respect to the enforcement of a guaranty. In JB Mortgage Co., LLC v. Ring...more

Real Property & Title Insurance Update: Weeks Ending September 2 & 9, 2016

REAL PROPERTY UPDATE: Foreclosure/Standing: where copy of note attached to foreclosure complaint contained no endorsement and original note presented at trial had endorsement in favor of plaintiff, plaintiff required to...more

SEC Wins Jury Verdicts Against City of Miami, Budget Director

The SEC prevailed at trial in an action against the City of Miami and its former budget director, Michael Boudreaux centered on three bond offerings. Specifically, the jury returned verdicts in favor of the Commission as to...more

Secured creditors may vote during receivership upon reduction of secured claims

On 25 July 2016, the White & Case team obtained, at the Supreme Court of the Russian Federation (the "Supreme Court"), a declaration that a secured creditor has the right to reduce, at its discretion, the amount of a secured...more

Mixed Blessings – Sainsbury’s Supermarkets Ltd v MasterCard Incorporated and others [2016] CAT 11

This case is very important in that it is one of the first judgments where damages have been awarded for breach of competition rules in UK. It relates to MasterCard’s alleged anticompetitive card fees (credit and debit...more

Your daily dose of financial news - The Brief – 9.14.16

Following news of Starboard Value’s plan to shake things up at Perrigo, we have this take from Breakingviews, which suggests that fending off a hostile takeover (as Perrigo did from Mylan) tends to “make fertile turf for an...more

Federal Court Finds Depository Bank Not Liable to Third Party for Mobile Remote Deposit Capture Fraud

A recent federal court case in Illinois has addressed whether a depository bank can be held liable for negligence when its customer deposits a check by mobile remote deposit capture, and the bank fails to prevent the customer...more

Virtus Investment Partners Asks the Court to Certify for Interlocutory Appeal Its Decision on Loss Causation Concerning Mutual...

Although this blog is focused typically on opportunities for institutional investors to recover losses as class members or plaintiffs, we think this decision in Youngers v. Virtus Investment Partners, Inc., may also be of...more

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