News & Analysis as of September 22, 2024

Supreme Court of the United States › Madden v Midland Funding

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The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term. The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -

Financial Services Weekly News: Bank Regulators Propose Fix to Madden Problem

Goodwin on 11/22/2019

In This Issue. The Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), in response to the Second Circuit’s 2015 decision in Madden v. Midland Funding, LLC, each proposed a rule to...more

After Madden, OCC and FDIC Propose to Reaffirm “Valid When Made” Rule

Morrison & Foerster LLP on 11/21/2019

On November 18, 2019, the Office of the Comptroller of the Currency (OCC) took action to reaffirm the “valid when made” doctrine in response to the uncertainty on the validity of interest rates of bank-originated loans sold...more

Lawmakers Urge Rulemaking to Overturn Madden

Manatt, Phelps & Phillips, LLP on 10/17/2019

In Madden v. Midland Funding, LLC, the Second Circuit refused to rule that the National Bank Act (NBA) pre-empted state law usury claims against an assignee of a national bank....more

The Solicitor General Weighs in on Madden v. Midland

Troutman Pepper on 9/6/2016

The Solicitor General’s brief argues the Second Circuit’s holding was incorrect, but does not recommend a grant of certiorari. On May 24, the U.S. Solicitor General and the Office of the Comptroller of the Currency...more

Supreme Court Declines Review of Controversial Second Circuit Loan Purchase Decision

Nutter McClennen & Fish LLP on 7/13/2016

The United States Supreme Court recently declined to review the Second Circuit’s controversial opinion in Madden v. Midland Funding. As a result, uncertainty remains for non-bank purchasers of commercial paper on the...more

Recent Supreme Court Action Creates Uncertainty in Financial Industry

Polsinelli on 7/13/2016

On June 27, 2016, the U.S. Supreme Court declined to review a Second Circuit Court of Appeals decision in the case of Madden v. Midland Funding, LLC. The High Court’s decision will allow a consumer class action against...more

Supreme Court's Rejection Is Not the End of the Road for Madden v. Midland Funding

Troutman Pepper on 7/8/2016

Regardless of whether or not Midland’s case is successful at the district court, there are a number of reasons why the Second Circuit’s Madden decision is not as disastrous as some have portrayed it to be. On June 27,...more

U.S. Supreme Court Declines to Hear National Bank Act Preemption Case

Blank Rome LLP on 7/5/2016

Action Item: The United States Supreme Court declined to review a Second Circuit ruling that non-national bank assignees of debt are not entitled to preemption of state usury laws under the National Bank Act. The Supreme...more

Does “Valid When Made” Apply To Evidences Of Indebtedness Qualified Under The CSL?

Allen Matkins on 6/30/2016

Many have expressed disappointment that the U.S. Supreme Court denied certiorari in Midland Funding, LLC v. Madden. The question presented by the petitioners in the case was as follows...more

It’s a Mad, Mad, Madden World

Cadwalader, Wickersham & Taft LLP on 6/29/2016

On Monday, June 27, 2016, the Supreme Court of the United States denied the petition for certiorari in Midland Funding LLC v. Madden, No. 15-610. The Supreme Court’s denial leaves intact the unusual – and troubling –...more

Supreme Court Denies Certiorari Petition in Madden Case

Morgan Lewis on 6/28/2016

Although it is reasonably unlikely that other circuit courts will follow the Second Circuit decision, it is uncertain whether application of the Madden case in the Second Circuit will be confined to its facts....more

Supreme Court Denies Certiorari To Review Second Circuit’s Decision in Madden v. Midland Funding, LLC

Ballard Spahr LLP on 6/28/2016

The U.S. Supreme Court has denied certiorari to review the decision of the U.S. Court of Appeals for the Second Circuit in Madden v. Midland Funding, LLC. As previously reported, Madden involved a putative class action...more

SCOTUS Declines Hearing Madden: Are Industry Repercussions Limited?

Manatt, Phelps & Phillips, LLP on 6/28/2016

In a disappointing move, the Supreme Court today denied the petition by Midland Funding to hear the case Madden v. Midland Funding. But could the inaction by the Supreme Court be much ado about nothing?...more

Case Update: Midland Funding Madden – Supreme Court Denies Certiorari

Orrick, Herrington & Sutcliffe LLP on 6/27/2016

The Supreme Court today denied certiorari in Midland Funding v. Madden. Although the denial leaves the Second Circuit's May 2015 decision in place, it does not signal the Supreme Court's view of the correctness of that ruling...more

Supreme Court Decision on Madden Appears Imminent; Midland Files Supplemental Brief

Troutman Pepper on 6/15/2016

The U.S. Supreme Court will likely consider whether to grant or deny certiorari in the Madden v. Midland Funding case at its June 23 conference. In addition, Midland filed a supplemental brief with the Supreme Court on June 7...more

Solicitor General/OCC Opine Madden Was Incorrectly Decided, But Recommend Denial of Supreme Court Review

Ballard Spahr LLP on 5/27/2016

In a widely anticipated brief requested by the U.S. Supreme Court, the Solicitor General and the Office of the Comptroller of the Currency (OCC) have expressed the view of the United States that the Court should deny the...more

Update: Midland Funding v. Madden

Morgan Lewis on 5/26/2016

In an amicus curiae brief, the US Solicitor General recommends that the petition for certiorari in Madden be denied, but agrees that the Second Circuit’s decision is incorrect and emphasizes the importance of banks being able...more

Financial Services Weekly News - May 2016 #4

Goodwin on 5/26/2016

Breaking News - Solicitor General Files Brief in Madden v. Midland Funding - On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more

Justice Department Sides With Financial Industry on Madden Case

Manatt, Phelps & Phillips, LLP on 5/26/2016

Marketplace loan investors may want to "gather ye discounted Madden loans while ye may," as the Robert Herrick poem reads (taking some fintech license, of course). In the strongest rebuke yet of the U.S. Court of Appeals...more

Case Update: Midland Funding v. Madden: The Solicitor General Brief Could Be a Game Changer

Orrick, Herrington & Sutcliffe LLP on 5/26/2016

In response to a request of the U.S. Supreme Court (discussed here), the U.S. Solicitor General’s Office on Tuesday filed a brief with the Court expressing the U.S. Government’s views on the merits of the claims brought in...more

UPDATE: Supreme Court Asks Solicitor General to Weigh In on Madden Case

Manatt, Phelps & Phillips, LLP on 4/11/2016

The Supreme Court released the results of its March 18 status conference in the Madden v. Midland case. The Court determined that it would like to see a brief from the U.S. Solicitor General (SG). The SG is the official...more

Case Update: Midland Funding v. Madden

Orrick, Herrington & Sutcliffe LLP on 3/22/2016

The U.S. Supreme Court on Monday issued an order inviting the Solicitor General to provide the views of the United States on whether the Court should grant Midland Funding’s petition seeking review. As discussed in greater...more

Big News from the Supreme Court in the Madden v. Midland Funding Case

Troutman Pepper on 3/22/2016

While far from certain, this development shows that the Supreme Court is interested in the case and will likely give weight to the Solicitor General’s recommendation as to whether the Second Circuit’s ruling should be...more

Update on Madden v. Midland: Cert. Decision Expected Soon

Troutman Pepper on 1/29/2016

The certiorari petition asks the court to address whether the National Bank Act continues to have preemptive effect after the national bank has sold or otherwise assigned a loan to another entity. In a petition for a...more

Midland Has Appealed to the U.S. Supreme Court

Manatt, Phelps & Phillips, LLP on 11/19/2015

Madden v. Midland Funding, an important court case for marketplace lending may now be heard at the Supreme Court. We have been following the Madden v. Midland Funding case as it makes its way through the court system....more

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Supreme Court of the United States › Madden v Midland Funding

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