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News & Analysis as of

Duran v. U.S. Bank: When Class Certification Goes Wrong

The California Supreme Court recently handed down a landmark decision on class actions. The trial judge lost control of the certification and evidentiary presentation of the case resulting in a $15 million verdict against...more

California Supreme Court Issues Favorable Decision for Employers in Duran v. U.S. Bank

The California Supreme Court has issued its long-awaited decision in Duran v. U.S. Bank. In a significant victory for employers, the Court unanimously agreed to overturn a $15 million judgment in a wage and hour class action...more

California Courts May No Longer Be Able to Certify a Ham Sandwich

Commentators have quipped that class certification is so easy in California that with little effort a group of plaintiffs could certify even a ham sandwich. In fact, we have seen a proliferation of recent appellate decisions...more

A New Dawn for California Class Actions

“There are three kinds of lies: lies, damned lies and statistics.” The California Supreme Court could have been channeling Mark Twain when it rejected, emphatically, the unbridled use of statistical sampling to prove...more

Statistical Sampling in Class Action Trial Violated Defendant's Due Process Rights

In a unanimous decision, the California Supreme Court on May 29 reversed a class action verdict for a class which was based on a flawed statistical model to determine liability and damages. Duran v. U.S. Bank National...more

California Supreme Court Pounds Another Nail into the Coffin of “Trial by Formula” in Class Actions

The California Supreme Court issued its long-awaited decision in Duran v. U.S. Bank National Association yesterday, addressing the use of statistical sampling as a way of evaluating aggregate liability and damages in a class...more

Are Distressed Loan Fund Investors “Financial Institutions” And Why Does It Matter?

Once again, those of us in the commercial finance world are reminded of the age-old adage caveat emptor. This time the warning is directed at hedge funds and other investors with a penchant for purchasing distressed debt from...more

New Jersey Federal Judge Partially Dismisses Claims Against RMBS Trustee

On April 23, Judge William J. Martini of the U.S. District Court for the District of New Jersey granted in part U.S. Bank’s motion to dismiss investor VNB Realty, Inc.’s claims against the bank as trustee of two RMBS trusts....more

Protection Against Discovery of SARs and Related Internal Investigation Documents Given Resounding Endorsement by Washington State...

The Bank Secrecy Act prohibits financial institutions from producing Suspicious Activity Reports and documents related to internal monitoring and investigations that are intended to “detect fraud and money laundering.” The...more

Latest Trends in the Enforceability of Make-Whole Premiums

A lender’s entitlement to a make-whole premium, that is, a prepayment penalty designed to compensate the lender for the loss of interest payments it would have received had the borrower continued to service the debt through...more

Federal Reserve Announces Another Major Cash Settlement with Mortgage Servicers: $8.5 Billion to be Paid in Cash, Used to Help...

In a joint press release issued by the Federal Reserve and the Office of the Comptroller of the Currency, news this past week is that 10 mortgage servicers around the country have entered into a settlement agreement with the...more

Trustee Brings Putback Action Against Merrill Lynch

On December 18, 2012, U.S. Bank, acting in its capacity as Trustee for two Merrill Lynch RMBS trusts that issued over $1 billion in RMBS certificates, filed a complaint in New York Supreme Court against Merrill Lynch....more

Mortgage Foreclosure Settlement

We have long been skeptical of most loan “repurchase” or “indemnification” demands made by big banks against the third-party originators (i.e., correspondent lenders) who sold those loans to the big banks many years ago....more

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