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Motion to Dismiss Financial Institutions

Troutman Pepper

Colorado Federal Court Grants Motions to Dismiss in Cryptocurrency Theft Case Citing Lack of Personal Jurisdiction

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In a recent ruling, the District of Colorado granted several motions to dismiss filed by the developers and owners of cryptocurrency application Atomic Wallet, citing a lack of personal jurisdiction. This decision effectively...more

Ballard Spahr LLP

CFPB files its reply brief in support of the CFPB’s motion to dissolve the preliminary injunction in the credit card late fee...

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On August 22, 2024, the CFPB filed its reply brief in support of its motion to dissolve the preliminary injunction and lift the stay of the CFPB’s credit card late fee final rule (“Rule”) in the lawsuit challenging the Rule....more

Ballard Spahr LLP

CFPB files its reply brief in support of the CFPB’s motion to dismiss Plaintiff Fort Worth Chamber and transfer the case to D.D.C.

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On August 19, 2024, the CFPB filed its reply brief in support of the CFPB’s motion to dismiss Plaintiff Fort Worth Chamber of Commerce (Fort Worth Chamber) for lack of standing and, if granted, transfer the case to the...more

Ballard Spahr LLP

CFPB to file amended complaint against Solo Funding, Inc. which will moot motion to dismiss based in part on CFPB’s unlawful...

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We recently reported that on August 15, 2024 Solo Funding, Inc. (“Solo”) filed a motion to dismiss in its entirety an enforcement complaint brought by the CFPB against Solo (a company that facilitates peer-to-peer small...more

Ballard Spahr LLP

Plaintiffs declare that Fort Worth Chamber is the CFPB’s “natural adversary” in their opposition brief to the CFPB’s motion to...

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On August 12, 2024, the plaintiffs filed their brief in opposition to the CFPB’s motion to dismiss Plaintiff Fort Worth Chamber of Commerce (Fort Worth Chamber) for lack of standing and if granted, transfer the case to the...more

Ballard Spahr LLP

Plaintiffs file their brief in opposition to CFPB’s motion to dissolve the preliminary injunction in the credit card late fee...

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On August 8, 2024, the plaintiffs filed their brief in opposition to the CFPB’s motion to dissolve the preliminary injunction in the lawsuit challenging the CFPB’s credit card late fee final rule (“Rule”). In their brief, the...more

Ballard Spahr LLP

Another target of CFPB enforcement action argues that lawsuit filed on August 23, 2023 must be dismissed because the CFPB lacked...

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We have recently blogged about two other actions in which this issue has been raised (one being a declaratory judgment action filed against the CFPB on July 23, 2024 in the E.D. Tex. and the other being an enforcement action...more

Ballard Spahr LLP

Populus files motion to dismiss CFPB enforcement action based on fact that CFPB has been unlawfully funded by Fed when it had no...

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We have previously blogged about an enforcement action brought on July 12, 2022 by the CFPB against Populus Financial Group, Inc., d/b/a ACE Cash Express, Inc. in Federal District Court for the Northern District of Texas...more

Ballard Spahr LLP

CFPB files motion to dismiss Fort Worth Chamber of Commerce for lack of standing and if granted, renews its motion to transfer the...

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On July 29, 2024, the CFPB filed a motion to dismiss the Fort Worth Chamber of Commerce as a Plaintiff for lack of standing and if granted, transfer the case to a the Federal District Court for D.C. In its brief, the CFPB...more

Ballard Spahr LLP

Judge Pittman (N.D. Texas) questions whether Fort Worth Chamber of Commerce has standing to pursue claims seeking to invalidate...

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We recently reported that on July 18 the CFPB, upon remand from the Fifth Circuit, re-filed its notice of supplemental authority in support of its motion to dismiss or transfer the case, motion to dissolve the preliminary...more

Troutman Pepper

CFPB Moves to Dissolve Preliminary Injunction and Supplements Motion to Transfer in Credit Card Late Fee Rule Case; Court...

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a brief in the U.S. District Court for the Northern District of Texas in support of its motion to dissolve the preliminary injunction that has stayed...more

Ballard Spahr LLP

EDNY Upholds Money Laundering Charge Against Defense Attack Under Ciminelli

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In United States v. An, et al., 22-cr-640 (KAM) (E.D.N.Y. May 7, 2024), the Eastern District of New York recently addressed and rejected an argument by defendants that Ciminelli v. United States required dismissal of money...more

Orrick, Herrington & Sutcliffe LLP

Court of Chancery throws out suit against bank for alleged fraud

On April 16, in the Court of Chancery of the State of Delaware, a judge threw out a case with prejudice where a shareholder (the plaintiff) sued a bank but ultimately failed to show a “substantial likelihood of liability.”...more

Troutman Pepper

California Federal Court Rules Undated Model Debt Violation Notice Does Not Violate the FDCPA

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In March, a district court in the Eastern District of California followed other courts holding that an undated, model form debt validation notice does not violate the Fair Debt Collection Practices Act (FDCPA). Specifically,...more

Akin Gump Strauss Hauer & Feld LLP

Supreme Court Declines to Review 2nd Circuit Decision That Syndicated Term Loans Are Not Securities

On February 20, 2024, the U.S. Supreme Court declined to hear an appeal brought by the trustee of the Millennium Lender Claim Trust challenging the U.S. Court of Appeals for the 2nd Circuit’s August 2023 decision, in which...more

Ballard Spahr LLP

Plaintiffs file memorandum opposing FDIC’s motion to dismiss challenge to NSF fee guidance

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On February 14, 2024, the Minnesota Bankers Association and Lake Central Bank (the “Plaintiffs”) filed their memorandum in opposition to the Federal Deposit Insurance Corporation’s (FDIC) motion to dismiss their challenge to...more

Troutman Pepper

CFPB and FTC File Amicus Brief Urging Fourth Circuit to Find FCRA Requires Investigation Regardless of Whether Dispute Is Factual...

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On December 8, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) (collectively, the agencies) filed an amici curiae brief urging the U.S. Court of Appeals for the Fourth Circuit to reverse a...more

Troutman Pepper

More Privacy, Please - September/October 2023

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Editor’s Note: The FTC continues to crack down on privacy and cybersecurity, including issuing a new warning to tax preparation companies and entering into a consent decree with 1Health.io. VPPA and BIPA litigation continues...more

Ballard Spahr LLP

Rhode Island federal court nixes stand-alone class action waiver

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A Rhode Island federal district court recently refused to enforce a stand-alone class action waiver in the consumer plaintiff’s automobile lease agreement on the ground that it violates state public policy. The court in...more

Ballard Spahr LLP

FDIC Moves to Dismiss Lawsuit Challenging NSF Fee Guidance

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The FDIC has filed motion to dismiss the lawsuit filed in July 2023 in a Minnesota federal district against the FDIC and its Chairman seeking to invalidate the FDIC’s supervisory guidance on charging multiple non-sufficient...more

ArentFox Schiff

Municipal VRDO Class Action Survives Banks’ Request for Dismissal

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Financial institutions should work with outside counsel to ensure that their internal policies and external actions minimize conduct that may violate state and Federal laws and regulations, and incentivize employees to reward...more

Cadwalader, Wickersham & Taft LLP

No, You’re a Customer: Recent Second Circuit Decision Circumscribes Merit and Preempts State Law Impairment of Safe Harbor...

On December 19, 2019, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) affirmed a ruling of the United States District Court for the Southern District of New York (the “District Court”)...more

Seyfarth Shaw LLP

Ninth Circuit Rules That Users, Not Consumers, Must Prove an Authorized Purpose for Obtaining a Consumer Report

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Synopsis: Last month, the Ninth Circuit issued an opinion, affirming broad Article III standing and holding that, for permissible-purpose claims, a consumer-plaintiff need allege only that his/her credit report was obtained...more

Ballard Spahr LLP

Nevada regulator and AG file opposition to trade groups’ preliminary injunction motion in lawsuit challenging Nevada law allowing...

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The Commissioner of the Financial Institutions Division (FID) of the Nevada Department of Business and Industry and the Nevada Attorney General have filed opposition to the preliminary injunction motion filed by three trade...more

Burr & Forman

Eleventh Circuit Affirms That Banks Must Use Unambiguous Language When Disclosing Methods For Assessing Overdraft Fees

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In Carol Tims v. LGE Community Credit Union, the Eleventh Circuit Court of Appeals held that a credit union’s account agreement with one of its customers was ambiguous about which account balance calculation the bank would...more

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