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Bridging the Week - February 2015 #2

Industry Watchdogs Warn Brokers and Advisory Firms on Cybersecurity Threats - Both the Securities and Exchange Commission and the Financial Industry Regulatory Authority published observations of their review of...more

False Claims Act: 2014 Year In Review

In what is becoming an annual refrain, 2014 marked another year of robust False Claims Act (FCA) enforcement by the U.S. Department of Justice (DOJ) and mushrooming qui tam lawsuits by whistleblowers. Indeed, fiscal year 2014...more

Credit Crunch Digest - December 2014

This issue of the Credit Crunch Digest focuses on Libor civil penalties; three former ICAP brokers pleading not guilty to criminal Libor charges; a large whistle-blower award to a former Countrywide Financial Corp. executive;...more

Insurance Recovery Law -- January 2015

Insured v. Insured Exclusion Ambiguous When Applied to FDIC, 11th Circuit Rules - Why it matters: In the continuing split among courts considering insured v. insured exclusions, the Eleventh U.S. Circuit Court...more

NCUA Sues U.S. Bank and Bank of America for Allegedly Failing to Comply with RMBS Trustee Duties

On December 16, National Credit Union Administration filed a lawsuit in the United States District Court for the Southern District of New York against U.S. Bank N.A. and Bank of America N.A., in their capacity as trustees for...more

U.S. Bank Reaches $6 Million Settlement of Claims for Breach of RMBS Trustee Duties

On December 17, the parties in Oklahoma Police Pension and Retirement System v. U.S. Bank, N.A., No. 11-cv-8066 (S.D.N.Y.) asked the court to approve a $6 million settlement of class action claims asserted against U.S. Bank...more

Phoenix Light Sues Five RMBS Trustees Over $2.4 Billion in RMBS

On December 23 and 24, Phoenix Light SF Limited and other RMBS certificateholders filed suit against HSBC, Wells Fargo, Deutsche Bank, Bank of New York Mellon, U.S. Bank, and Bank of America in the United States District...more

U.S. Bank Sues Citigroup in Connection with $528 Million of RMBS

On December 22 and 23, U.S. Bank National Association, as trustee for three RMBS trusts, filed three separate summonses with notice in the Supreme Court of the State of New York. U.S. Bank alleges that Citigroup...more

The Second District Court of Appeals Holds That Due To Inconsistencies Between The Provisions Of A Promissory Note And A Deed Of...

Facts - U.S. Bank's predecessor bank extended a $62,000,000 loan (Loan) to three legal entities (Borrowers). The Loan was secured by a deed of trust on real property. Mr. and Mrs. Yashouafar (Yashouafars) guaranteed...more

Court Dismisses U.S. Bank’s RMBS Repurchase Claims Against Citigroup as Too Speculative

On November 14, Judge George B. Daniels of the United States District Court for the Southern District of New York dismissed several of U.S. Bank’s repurchase claims against Citigroup Global Markets Realty Corp. U.S. Bank...more

Bank of America and U.S. Bank Agree to Settle MBS Suit with Pension Funds

On October 30, Bank of America notified Judge Katherine B. Forrest of the United States District Court for the Southern District of New York of a planned settlement of an action brought by pension funds in 2012. ...more

Automatic Stay: What Happens When a Case is Reopened?

U.S. Bank, N.A. v. Brumfiel (In re Brumfiel), 514 B.R. 637 (Bankr. D. Colo. 2014) – After a debtor reopened her chapter 7 bankruptcy case, a lender moved for relief from the automatic stay in order to continue with a...more

Bridging the Week - September 2014 #3

Court Permits Customer and IB Claims to Proceed Against U.S. Bank Over Peregrine Collapse - A US federal court in Illinois authorized two lawsuits arising from the collapse of Peregrine Financial Group to proceed...more

Breach of Contract Claims against J.P. Morgan and EMC Dismissed as Time-Barred

On August 19, in an oral ruling from the bench, Vice Chancellor J. Travis Laster of the Delaware Chancery Court dismissed as time-barred loan repurchase claims brought by U.S. Bank as trustee of an RMBS trust against JPMorgan...more

Out of the Box: Legal guidance for the consumer product + retail industry - Volume 2, Issue 2, Summer 2014

In This Issue: - Are Offers Of Free Credit Monitoring About To Become Mandatory In Data Breach Incidents? - Mandatory “Made-In” Labeling in the EU - A New Dawn for California Class Actions - Recent...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

Statute of Limitations Issues in Foreclosure Actions

An important issue that arises for lenders when pursuing foreclosure actions is determining when the statute of limitations begins to run. Florida Statutes provide that a party has five years to foreclose a mortgage, but...more

California Supreme Court Holds Independent Contractor Misclassification Claims Can Be Determined by Common Proof – But Only in...

In its first employment-related class certification decision since its seminal ruling in Duran v. U.S. Bank, the California Supreme Court, in a fragmented opinion, reversed the denial of class certification for a group of...more

Big Win for our Florida team in U.S. Bank N.A. v. Bartram

In U.S. Bank N.A. v. Bartram, ____ So.3d ____, 2014 WL 1632138 (Fla. 5th DCA April 25, 2014), the Fifth District Court of Appeals for the State of Florida reversed a decision from the Circuit Court of St. Johns County...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

California Employment Law Notes - July 2014

"Unauthorized Alien" Who Provided False SSN Can Proceed With Disability Discrimination Lawsuit - Salas v. Sierra Chem. Co., 2014 WL 2883878 (Cal. S. Ct. 2014) Vicente Salas worked on Sierra Chemical's production...more

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

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