News & Analysis as of

FACTA

Did you know that Form 8938 filing obligations apply to Specified Domestic Entities?

by Foodman CPAs & Advisors on

A US Person that owns US entities like corporations or partnerships that conduct cross-border business may have a Form 8938 (Statement of Specified Foreign Financial Assets) filing obligation. IRS defines Specified...more

Happiness is not a Fresh Baguette: Failure to Redact Expiration Date Insufficient to Create Standing under FACTA

by Hinshaw & Culbertson LLP on

Happiness is not a fresh baguette…at least not for one FACTA plaintiff. In Crupar-Weinmann v. Paris Baguette America, Inc., the Second Circuit, in line with the recent U.S. Supreme Court decision in Spokeo, Inc. v. Robins,...more

Second Circuit Holds That Printing of Expiration Date Is a Bare Procedural Violation of FACTA That Is Inadequate Under Spokeo to...

by Davis Wright Tremaine LLP on

Addressing the issue of when “a bare procedural violation of a statutory right constitute[s] an injury in fact sufficient for standing to bring suit in federal court”, the U.S. Court of Appeals for the Second Circuit has...more

Customers Sue Darden Restaurants Over Information on Receipts

by Reed Smith on

A class action lawsuit was recently filed against Darden Restaurants, Inc. (“Darden”), alleging that Darden violated the Fair and Accurate Credit Transactions Act (“FACTA”). Specifically, the plaintiffs alleged that...more

District of New Jersey Further Defines the Evolving Boundaries of Injury-in-Fact After Spokeo

by BakerHostetler on

On June 6, 2017, in Kamal v. J. Crew Grp, Inc., No. CV 2:15-0190, 2017 WL 2443062 (D.N.J. June 6, 2017), the United States District Court for the District of New Jersey dismissed a plaintiff’s second attempt to assert a claim...more

Financial Services Weekly News - June 2017 #2

by Goodwin on

Editor's Note - Financial Regulatory Reform Picks Up Speed. The Trump administration, which views burdensome and costly regulation as a significant impediment to lending and economic growth, has consistently maintained...more

FBAR Penalty Amounts are in the “Best Judgement” of an IRS Examiner

by Foodman CPAs & Advisors on

The Report of Foreign Bank and Financial Accounts (FBAR) is not a tax form. Its filing is not required by the Internal Revenue Code. It is required by Title 31 of the Code of Federal Regulations. Title 31 is the Bank Secrecy...more

J. Crew Credit Card Digit Class Action Dismissed Again Because of Overly Speculative Identity Theft, Fraud Risks

by Reed Smith on

As courts continue to grapple with close calls on standing following the U.S. Supreme Court’s seminal decision in Spokeo v. Robins, another court has given defendants a win for intangible injuries and risk of future harm. On...more

District of New Jersey Dismisses FACTA Suit on Spokeo Grounds

by Goodwin on

Even a year after it issued its opinion in Spokeo v. Robins, the Supreme Court’s decision on Article III standing continues to be hotly contested. On June 6, 2017, the District of New Jersey cited Spokeo in dismissing an...more

Global Privacy & Cybersecurity Update Vol. 14

by Jones Day on

New York Attorney General Announces Record Number of Data Breach Notices in 2016 - On March 21, 2017, the New York Attorney General's Office announced that it received 1,300 reported data breaches in 2016—a 60 percent...more

Do You know that the US might have a Tax Sharing Information Agreement with your Country?

by Foodman CPAs & Advisors on

The US has Tax treaties and Tax Information Exchange Agreements (TIEAs) with certain countries that provide, upon request, for the exchange of U.S. income information regarding their citizens or residents. There are...more

FACTA Suits Still Bite - $31 Million Subway Class Action Settlement Approved

Ten years ago, hundreds of retailers, chain restaurants and others were targeted nationwide as defendants in class action suits under the Fair and Accurate Credit Transactions Act (FACTA) for violating the so-called...more

Spokeo Argument After Removal to Federal Court Creates Double-Edged Sword for Defendants

by Ballard Spahr LLP on

After the U.S. Supreme Court's decision in Spokeo, Inc. v. Robbins last year, many defendants have perceived the assertion of a standing argument as a potential panacea when confronted with federal statutory claims in which...more

Automatic exchange of information and insurance companies - a question of compliance

by Hogan Lovells on

Automatic exchange of information (AEOI) regimes, primarily aimed at curbing tax avoidance through the use of foreign accounts and investment platforms, have recently become a global trend, starting with the adoption of the...more

Technical Violations of the Fair and Accurate Credit Transaction Act (FACTA)

by Reminger Co., LPA on

In ­ Meyers v. Nicolet Restaurant of De Pere, LLC, 843 F.3d 724, 2016 U.S. App. LEXIS 22139, the Seventh Circuit Court of Appeals recently weighed in on a hotly-debated issue: whether a technical violation of a statute...more

Constitutional Standing Provides Fertile Battleground In Data Breach Litigation

by Moore & Van Allen PLLC on

A common and understandable concern of companies that suffer a data breach is whether the victims can sue the company. It is tempting to assume that the victims won’t sue if they do not suffer identity theft or monetary loss...more

Seventh Circuit Applies Spokeo To Reject FACTA Suit

by King & Spalding on

On December 13, 2016, the U.S. Court of Appeals for the Seventh Circuit issued an opinion in Jeremy Meyers v. Nicolet Restaurant of De Pere, LLC, __ F. 3d __, No. 16-2075, holding that the named plaintiff in a proposed class...more

Consumer Financial Services Newsletter - December 2016

by Hinshaw & Culbertson LLP on

Seventh Circuit Dismisses Consumer's FACTA Case Pursuant to Spokeo - The Seventh Circuit remanded a Fair and Accurate Credit Transactions Act (FACTA) case, Jeremy Meyers v. Nicolet Restaurant of De Pere, LLC, instructing...more

Meyers v. Nicolet Restaurant of De Pere, LLC: Seventh Circuit Rules Mere Failure to Truncate Credit Card Expiration Date Under...

by King & Spalding on

In Meyers v. Nicolet Restaurant of De Pere, LLC, an opinion issued on December 13, 2016, the United States Court of Appeals for the Seventh Circuit held that a proposed class action suit brought under the Fair and Accurate...more

Litigation Alert: The Seventh Circuit Limits Standing For Lawsuits Under The Fair And Accurate Credit Transactions Act

by Fenwick & West LLP on

This week, in Myers v. Nicolet Rest. of de Pere, LLC, No. 16-2075 (7th Cir. Dec. 13, 2016), the Seventh Circuit narrowed standing to bring lawsuits under the Fair and Accurate Credit Transactions Act (FACTA) in holding that...more

Top 10 Litigation Risks and Trends for Retailers

by Perkins Coie on

With the 2016 holiday shopping season in full swing, the risk of litigation heightens for retailers. We created our own version of a “holiday list” to identify the top-10 risk areas where retailers may be vulnerable to claims...more

Plus Feature: Seventh Circuit Affirms Denial of Class Certification on Spokeo Grounds in FACTA Class Action

by Benesch on

On December 13, 2016, the Seventh Circuit Court of Appeals affirmed the denial of a plaintiff’s motion for class certification under the Fair and Accurate Credit Transactions Act (“FACTA”). In the first federal appellate...more

Spokeo Should Not Fall on Deaf Ears in Privacy Class Actions

by Pierce Atwood LLP on

On the May morning that the Supreme Court handed down its ruling in Spokeo, Inc. v. Robins, I was among those who read the case as a bellwether. The Spokeo appeal addressed a long-festering issue about whether Congress may...more

Week in Review: Ascertainability under Rule 23(b)(2) and a Dose of Spokeo

by McGuireWoods LLP on

This week we consider the Sixth Circuit’s take on how Rule 23’s ascertainability requirement overlaps with the different pathways to certification under Rule 23(b), as well as some post-Spokeo dismissals of putative class...more

After the FACTA: A Judgment Creditor Must Establish a “Credit” Transaction to Get a Credit Report

by Dorsey & Whitney LLP on

On July 25, 2016, the United States District Court for the Western District of Washington held that before obtaining a consumer’s credit report, a third party judgment creditor must establish that the transaction at issue is...more

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