Restitution

News & Analysis as of

New York AG Announces Nearly $14 Million Agreement with Local Auto Dealers Over Deceptive Sales Practices, Plans to Sue an...

On June 17, New York Attorney General Eric Schneiderman announced an approximate $14 million agreement with three jointly-owned auto dealers in connection with the alleged unlawful sale of add-on products, such as credit...more

Illinois AG Madigan Announces $1 Million Settlement Regarding Company’s Management of Foreclosed Properties

On June 3, Illinois AG Madigan announced a $1 million settlement with an Ohio-based company that mortgage lenders hire to manage properties throughout the foreclosure process and ensure that the properties retain their value....more

FINRA Announces $1.5 Million Sanction Against Broker-Dealer and Bars President for Fraud

On March 12, FINRA announced an order requiring a New York-based broker-dealer to pay over $1 million in restitution and $500,000 in fines for alleged fraud in sales of a private placement offering. According to the Order,...more

Payday Lender Agrees to Refund $8 Million in Settlement with Pennsylvania AG

On February 11, the Pennsylvania AG announced a settlement with a national payday lender that will pay $8 million in restitution to consumers who were allegedly provided illegal payday loans. According to the state AG, the...more

Second Circuit Lays Out New Rules for Restitution

On February 6, 2015, the United States Court of Appeals for the Second Circuit decided an appeal, United States v. Cuti, which interpreted the restitution provisions of the Victims and Witnesses Protection Act (VWPA). The...more

A&O Decision Report: High Court Provides Guidance As To How Sums Paid Pursuant To A Restitution Order Should Be Distributed To The...

In this report, Sarah Hitchins and Andrew Lee, associates in Allen & Overy LLP's Banking, Finance and Regulatory Litigation Group, consider the High Court's judgment in Financial Conduct Authority v Anderson [2014] EWHC 3630...more

Can the State Seek Restitution After a Class Action Settlement?

In The People of the State of California v. IntelliGender, LLC, 771 F.3d 1169 (9th Cir. Nov. 7, 2014) (Wardlaw, J.), the Ninth Circuit said the answer is “no.” A federal court had approved a class action settlement involving...more

Ninth Circuit Holds California Can’t Double-Dip By Seeking Restitution for Citizens Bound By Class Settlement

In the wake of a nationwide class action settlement of litigation against a manufacturer of a test claimed to accurately predict the gender of a fetus, the State of California (“State”) brought an enforcement action against...more

State Enforcement Actions Following Class Settlements Addressed By Ninth Circuit

A recent Ninth Circuit decision caught my eye. It addressed whether a state enforcement action can be barred by a class action settlement on the same issue, finding that it was barred in part, to the extent the suit sought...more

Ninth Circuit Holds That State AGs and Prosecutors Can’t Seek Restitution On Behalf Of A Class That Already Settled Its Private...

A decade ago, California’s unfair competition law (UCL) and its closely related false advertising law (FAL) were the ideal plaintiff’s tools. Any person—even one with no connection to a particular asserted violation or...more

The Ninth Circuit Holds That Res Judicata Bars State Recovery of Restitution for Members of a CAFA-Compliant Class Action

In California v. Intelligender, LLC, the Ninth Circuit ruled that final judgment in a CAFA-compliant class settlement barred the State of California from seeking restitution on behalf of members of the settlement class for...more

Second Circuit Further Limits Restitution To Corporate Victims Of Crime

Counsel representing corporate victims of crime need to be aware that the Second Circuit continues to limit the scope of restitution for costs victims incur responding to the discovery of criminal misconduct. ...more

U.S. Bank v. Indian Harbor: Insurers Face Another Restitution/Disgorgement Setback

In a recent decision, the United States District Court for the District of Minnesota held that insurers could not use the so-called restitution/disgorgement defense to avoid covering amounts that their insured bank agreed to...more

Ninth Circuit Holds That Loan Purchasers Are Victims Under the MVRA

The US Court of Appeals for the Ninth Circuit recently affirmed a restitution order in favor of both the originator and purchaser of two fraudulently obtained mortgages under the Mandatory Victim Restitution Act (MVRA). ...more

Federal Judge Concludes Restitution May Be Covered Under Commonly Used Professional Liability Policy Language

A federal judge in Minnesota recently held that “restitution” paid to settle a class action lawsuit was covered under the terms of a professional liability policy. The court in U.S. Bank National Ass’n et al. v. Indian Harbor...more

U.S. Bank v. Indian Harbor: Another Blow to the Restitution/Disgorgement Defense

In recent years, purchasers of D&O and professional liability insurance have been stunned to learn that their carriers have denied coverage for a wide range of claims on the theory that their policies do not cover loss that...more

Court Finds Coverage For Settlement Of Restitution Claim

Insurers often take the position that indemnification for claims for “restitution” are barred by public policy, and contend they have no obligation to reimburse a settlement of such claims. They often take this position even...more

Mortgage Company Resolves HAMP-Related Criminal Allegations

On July 3, the DOJ announced the resolution of a multi-agency criminal investigation into the way a large mortgage company administered the federal Home Affordable Modification Program (HAMP). According to a Restitution and...more

In Criminal Defense Victim Restitution is Not Punishment, but it Sure Feels Like it! #CriminalAttorney

ne of the fundamental principles of our criminal justice system is that one person should never be punished for the misdeeds of another. As a result, if an eighteen-year-old gets drunk and smashes several car windows with a...more

Insurance Recovery Law - July 2014 #2

U.S. Bank Wins Coverage Under Delaware Law For $55 Million Overdraft-Related Settlement - Why it matters: In a victory worth tens of millions of dollars, a Minnesota federal court ruled that U.S. Bank is...more

West Virginia Supreme Court Upholds $14 Million Award In Finance Company “True Lender” Case

On May 30, the West Virginia Supreme Court of Appeals affirmed a series of trial court orders requiring a nonbank consumer finance company to pay $14 million in penalties and restitution for allegedly violating the state’s...more

L.A. Sues JPMorgan Over Discriminatory Mortgage Lending Practices

On Friday, May 30, 2014, asserting that “[i]t is axiomatic that banks should not make discriminatory loans”, the City of Los Angeles filed a two-count complaint against JPMorgan Chase & Co. in Federal Court for the Central...more

Recent Sentences for Federal Tax Crimes in 2014 – Part 3

Today we conclude our review of recent sentences imposed in federal tax crime cases in 2014. In our two previous posts here and here, we reviewed sentences relating to Foreign Bank Account, Tax Evasion, Employment Tax, False...more

Recent Sentences for Federal Tax Crimes in 2014 – Part 2

On Friday, we posted a review here of sentences imposed on defendants in 2014 for Foreign Bank Account, Tax Evasion, and Employment Tax crimes. In this post, we review sentences imposed on defendants in cases involving False...more

Offshore Fund-Related Litigation

Litigation against directors, officers and professional service providers, following the collapse of offshore funds and collective investment schemes such as Madoff and Weavering, continues to proceed in a variety of...more

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