Bank of America

News & Analysis as of

Real Property & Title Insurance Update: Week Ending October 14, 2016

REAL PROPERTY UPDATE - Foreclosure/Standing: foreclosing bank did not establish standing where it failed to submit evidence it was in possession of original note with blank endorsement at time of filing of foreclosure...more

Your Daily Dose of Financial News

Some thoughts—from Chair Yellen, herself—about why, despite pretty strong economic indicators for a pretty long time now, the Fed hasn’t begun to raise rates again....more

Federal Reserve Proposes Rules Aimed at Banks Owning, Trading and Moving Commodities

On Sept. 23, 2016, the Federal Reserve issued proposed rules that could put pressure on investment banks, such as Morgan Stanley and Goldman Sachs, to divest certain energy assets and energy trading activities. Over the...more

Your daily dose of financial news - The Brief – 10.5.16

Investor plaintiffs won a big discovery battle with the US gov’t over its 2012 decision to seize Fannie & Freddie’s profits. Federal Claims Court Judge Margaret Sweeney has ruled that the government improperly invoked the...more

CT Unfair Trade Practices Act is Only a Sword – Not a Shield in Foreclosure Actions

Appellate Case Update - The Connecticut Appellate Court has (finally) recently weighed in on the topic of whether or not a claimed defense of a violation of the Connecticut Unfair Trade Practices Act (“CUTPA”)...more

The Massachusetts Supreme Judicial Court Lends a Helping Hand to Inadvertent Lender Omissions in the Execution of Mortgage...

Massachusetts bankruptcy courts have invalidated mortgages containing defects, including the failure of lenders to observe strict formalities in the execution of mortgage acknowledgements. See our prior post on this very...more

SEC Charges Promoters of Notes Backed by Gold Mine, U.S.

When it is to good to be true, it almost always is. But returns of 53% to 120%, backed by millions of ounces of gold and bonds from the U.S. and Bank of America? Too hard to resist. Investors paid their cash; the promoters...more

Real Property & Title Insurance Update: Week Ending August 19 & 26, 2016

Real Property Update: - Lis Pendens/Subsequent Liens: lis pendens statute only serves to discharge liens that exist or arise prior to entry of foreclosure judgment but does not affect liens that arise after entry of...more

Your daily dose of financial news - The Brief – 8.24.16

Apollo Global has settled its ongoing dispute with federal regulators, with the private equity firm agreeing to cough up $53 million to the SEC over an “array of [alleged] securities law violations”....more

Your daily dose of financial news - The Brief – 8.23.16

The 2d Circuit has refused the DOJ’s motion for reconsideration of the panel’s May decision overturning a jury verdict and accompanying $1.27 billion fine against Bank of America over its “Hustle” mortgage generation program....more

Your daily dose of financial news - The Brief – 8.5.16

The DOJ has asked the 2d Circuit to reconsider its May decision overturning the 2013 jury verdict (and subsequent $1.27 billion penalty) against Bank of America for fraud relating to its mortgage-generation HUSL program....more

Banks Appeal Fair Housing Act Case to Supreme Court

In September 2015, the Eleventh Circuit ruled that the City of Miami had sufficient standing to sue Bank of America and Wells Fargo over lending practices that were alleged to be racially discriminatory. On June 28, 2016,...more

Real Property & Title Insurance Update: Week Ending July 15, 2016

REAL PROPERTY UPDATE - Foreclosure/Unclean Hands: defense of unclean hands insufficient where borrower alleges bank’s loan officer inflated borrower’s income and assets to qualify for loan where borrower signed off on...more

Tadjudin Sunny vs. Bank of America National Association - implied term of anti-avoidance

In 2007, the Bank terminated an Analyst in its Distressed Debt Trading Group by payment in lieu of notice, following completion of a Performance Improvement Plan (PIP). She was not awarded any bonus on her departure. The...more

T&E Litigation Newsletter- July 2016 #2

The first two weeks of July have brought us some warm weather and three new decisions worth noting: First, in Bank of America, N.A. v. Commissioner of Revenue, Docket No. SJC-11995 (July 11, 2016), the Supreme Judicial...more

Will PPPs Provide the Catalyst for Waste to Energy Projects in the GCC?

Recent activity in the waste management sector in many Gulf Cooperation Council (GCC) countries suggests that governments in the region are starting to look again at waste to energy (W2E) projects. Within the span of 18...more

Real Property & Title Insurance Update: Weeks Ending June 24 & July 1, 2016

REAL PROPERTY UPDATE - Foreclosure/Leave to Amend: borrower should have been granted leave to amend to assert affirmative defenses pursuant to motion filed 13 days before trial because there was no prejudice, the...more

The New York Court of Appeals Rejects Attempted Expansion of the Common Interest Exception to the Attorney Client Privilege

Last month, the New York Court of Appeals issued a decision rejecting the attempted expansion of the common interest exception to the attorney-client privilege to include communications that did not involve pending or...more

SCOTUS Agrees to Review City of Miami Fair Housing Claim

The Supreme Court has agreed to review a discriminatory lending case brought by the City of Miami against Wells Fargo & Co. and Bank of America Corp. At issue is whether a city government is permitted to bring a suit seeking...more

A Flip on the Flip Clause: Lehman Court Changes Course on Flip Provisions and Financial Safe Harbors

New York bankruptcy judge dismisses claims to recover approximately $1 billion that had been distributed to noteholders following commencement of the Lehman Brothers chapter 11 proceedings in September 2008. After more...more

Financial Services Weekly News - July 2016

Regulatory Developments - NY DFS Adopts Final Anti-Terrorism Program Regulation - On June 30, New York’s Department of Financial Services (DFS) adopted a risk-based anti-terrorism and anti-money laundering...more

Bank of America Wins Reversal of FIRREA $1.27B Penalty

A breach of contract is insufficient to also support a claim for fraud, the Second Circuit Court of Appeals has ruled, reversing a $1.2 billion verdict against Countrywide Home Loans in the process. What happened...more

Bridging the Week - June 2016 #4

Broker-Dealer Sanctioned US $415 Million by SEC for Violating Customer Protection Requirements: Two Merrill Lynch entities agreed to pay sanctions of US $415 million to resolve charges brought by the Securities and...more

Class Action Roundup: Spring 2016

Welcome to the second 2016 edition of Class Action Roundup! The first quarter of the year witnessed a few key Supreme Court decisions, even with the passing of Justice Scalia, and several settlement cases decided. The issue...more

New York and North Carolina Take a Narrow Approach to Common Interest Doctrine

Brief Summary - The "common interest doctrine" generally protects attorney-client communications, even if such communications are disclosed to a third party, as long as the third party shares a common legal interest with...more

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