Bank of America

News & Analysis as of

Your daily dose of financial news The Brief – 4.29.16

Dealbook looks back at a crazy Thursday of healthcare company deals [with Abbott/St. Jude taking the prize for biggest] and concludes that the industry appears to be “convinced, regardless of tax benefits [or common financial...more

Supreme Court To Resolve Circuit Split Over Bank Fraud Statute

On Monday April 25, the U.S. Supreme Court granted certiorari in United States v. Shaw, a closely watched case out of the Ninth Circuit addressing the bank fraud statute, 18 U.S.C. § 1344. That statute has two subsections,...more

Catalytic Finance Initiative Raises $8 Billion for High-Impact Sustainable Projects

On April 6, a consortium of leading financial institutions and investors pledged $8 billion to join Bank of America Corporation’s Catalytic Finance Initiative (CFI), which plans to raise at least $10 billion for investments...more

US Board of Governors of the Federal Reserve System and Federal Deposit Insurance Corporation Jointly Determine that Five US...

The US Federal Reserve Board and Federal Deposit Insurance Corporation jointly determined that the 2015 resolution plans of the following five US domestic global systemically important banking organizations are not credible:...more

Bank of America Settles EEOC Disability Discrimination Lawsuit

Deaf Employee Was Denied a Sign Language Interpreter, Federal Agency Charged - LAS VEGAS-Bank of America, N.A. will pay $30,000 and furnish other relief to settle a disability discrimination lawsuit filed by the U.S....more

O’Melveny Obtains SEC Interpretive Guidance for Bank of America Permitting the Immediate, Unregistered Resale of REIT Common Stock...

On March 14, 2016, the Securities and Exchange Commission’s Division of Corporation Finance issued an interpretive letter to Bank of America, N.A., and Merrill Lynch, Pierce, Fenner & Smith Incorporated clarifying the...more

Your daily dose of financial news The Brief – 2.24.16

Wall Street’s internal watchdog, the Financial Industry Regulatory Authority (or Finra), is stepping back to take a whole-forest look at the “cultural values at more than a dozen brokerage firms,” in an effort to “understand...more

“Dual Tracking” Can Be Unfair Competition

Unfair competition claims are often seen as “tag-along” claims without a lot of independent value. A recent California Court of Appeal decision (Fourth District, Division Three in Santa Ana) published January 14, 2016 — Majd...more

Bank Customers Who Did Not Report Unauthorized ElectronicTransfers for Two and a Half Years Denied Recovery

It is a common scenario faced by financial institutions on a regular basis: a customer alleges that electronic transfers from his account were unauthorized and demands that the institution re-credit the amount to his account....more

RMBS Trustee Seeks Court Guidance on Distribution of Settlement Proceeds

On February 5, 2016, the Bank of New York Mellon (“BNY Mellon”), in its capacity as trustee of 530 RMBS trusts, filed an Article 77 petition with the Supreme Court of the State of New York requesting instruction as to how it...more

Can Lenders Foreclose While a Borrower’s Loan Modification Application is Under Review?

A recent decision by the California Court of Appeal held that the practice called “dual tracking” – when a lender forecloses on a property while the borrower’s application for a loan modification is under review – violates...more

Errant Clerk’s Default Must be Set Aside Regardless of Excusable Neglect, Due Diligence, Meritorious Defenses

In Stuart-Findlay v. Bank of America, N.A., 2010CA014370, 41 Fla. L. Weekly D207a (Fla. 4th DCA 2014), Florida’s Fourth District Court of Appeal held that a clerk’s default entered in error should have been set aside,...more

Real Property, Financial Services & Title Insurance Update: Week Ending January 22, 2016

REAL PROPERTY UPDATE - Foreclosure/Condition Precedent: providing a notice of the assignment of mortgage loan, as required by section 559.715, Florida Statutes, is not a condition precedent to filing a mortgage...more

Florida’s Fifth DCA Echoes Prior Ruling – Must Introduce Additional Evidence that Required Notice Was Actually Sent

In Helton v. Bank of America, 5D14-2632 (Fla. 5th DCA Jan. 22, 2016), Florida’s Fifth Circuit Court of Appeal echoed its opinion in Webster v. Chase Home Finance, LLC, 155 So. 3d 1219, 1220 (Fla. 5th DCA 2015) that oral...more

Supreme Court Declines to Hear NECA-IBEW Pension Trust Fund v. Lewis

On January 11, 2016, the United States Supreme Court denied the petition for writ of certiorari filed October 29, 2015, by Plaintiff/Appellant NECA-IBEW Pension Trust Fund in its case against Bank of America, its former CEO...more

Court Denies Motion To Dismiss By Bank And Its Affiliated Reinsurer In RICO Suit

This dispute involves class action claims under RICO, claims for unjust enrichment and allegations that Bank of America and its affiliate reinsurer engaged in a conspiracy to defraud home mortgage borrowers into funding sham...more

Your daily dose of financial news The Brief – 1.12.16

The trail-blazing and transcendent David Bowie died this weekend after an 18-month battle with cancer. Incredibly, his reach extended beyond music, cinema, holiday duets, fashion, and stage and into our world of finance, as...more

The Ten Most Significant Class Action Cases of 2015

Some years are exciting in class action practice; others are tamer. In general, in any established area of the law, precedent accumulates only incrementally. And, with the modern Rule 23 entering its 50th anniversary year, it...more

The Priority of Interests in Real Estate

In Bank of America, N.A. v. Kipps Colony II Condominium Association, Inc., the Second District Court of Appeal reversed a 2011 final judgment entered in favor of Kipps Colony II Condominium Association, Inc. (“Association”)....more

Commission closes credit default swaps case against banks

The Commission has closed its antitrust proceedings against all 13 investment banks involved in its investigation into the credit default swaps market. The banks involved were: Bank of America Merrill Lynch, Barclays, Bear...more

Your daily dose of financial news The Brief – 12.17.15

As expected, the Fed finally acted yesterday, raising short-term interest rates (in a range between .25 to .5 percent ) for the first time in nearly a decade. Even with this move that’s been literally years in the making,...more

Your daily dose of financial news The Brief – 12.11.15

An update on the Dow/DuPont merger (which is expected to be followed, in short order, by a three-way split into ag chemicals, specialty products, and materials companies) – NYTimes and WSJ...more

Bank of America as Trustee v. Commissioner of Revenue: Massachusetts Supreme Judicial Court Will Hear Case in 2016

The Massachusetts Supreme Judicial Court (SJC) will hear the appeal of Bank of America against the Massachusetts Commissioner of Revenue in 2016. The SJC accepted Bank of America’s application for Direct Appellate Review on...more

TCPA Connect - November 2015

SPECIAL FOCUS: FTC Conducts Workshop on Consumer Protection Issues in Lead Generation - On Friday, October 30, 2015, the Federal Trade Commission hosted a full-day public workshop to explore consumer protection issues...more

Your daily dose of financial news The Brief – 11.17.15

Dealbook’s Andrew Ross Sorkin offers more perspective on the economic cost of terrorism, suggesting—based on a disturbingly high data set of recent examples—that market volatility in the days following a major event isn’t the...more

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