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Civil Remedies Finance & Banking

Read Civil Remedies updates, alerts, news, and legal analysis from leading lawyers and law firms:

CFPB Denied Restitutionary Relief in False Advertising Lawsuit Against Mortgage Services Company

by Dorsey & Whitney LLP on

In a Consumer Financial Protection Bureau (“CFPB”) action against a mortgage services company, its subsidiary, and its founder, a California district judged denied an award of $73.9 million in restitutionary relief, and...more

Eleventh Circuit Affirms Summary Judgment or Insurer in STOLI Case

by Carlton Fields on

In Sun Life Assur. Co. of Canada v. U.S. Bank Nat. Ass’n, the Eleventh Circuit recently clarified that where a life insurance policy lacks an insurable interest at its inception and is thus void ab initio, prejudgment...more

Chris Lazarini Comments on Court's Remand for Clarification of Arbitration Award

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which a court took the unusual step of remanding a case to the arbitration panel to explain the rationale behind its award. The Court made the decision because...more

FERC Confirms that FPA Section 203 Approval is Not Required for Tax Equity Investment

by Foley & Lardner LLP on

Federal Energy Regulatory Commission (“FERC”) has issued a declaratory order confirming that no approval under Section 203 of the Federal Power Act (“FPA”) is required in connection with the transfer or issuance of passive...more

September 2017: U.S. Supreme Court Holds That American Pipe “Tolling” Does Not Apply to Statute of Repose for Securities Act...

In California Public Employees’ Retirement System v. ANZ Securities, Inc., 137 S. Ct. 2042 (2017) (“CalPERS”), the Supreme Court resolved a longstanding circuit split by holding that the class action “tolling” principle set...more

State and Local Governments Move Swiftly to Sue Equifax.

by Ballard Spahr LLP on

The cities of Chicago and San Francisco and the Massachusetts Attorney General have filed the first enforcement actions against Equifax following the announcement of a data breach affecting an estimated 143 million consumers....more

Second Circuit Affirms $800 Million Judgment Under Securities Act And Certain State "Blue Sky" Laws, Addressing A Variety Of...

by Shearman & Sterling LLP on

On September 28, 2017, the United States Court of Appeals for the Second Circuit affirmed a judgment, entered after a bench trial by Judge Denise Cote of the United States District Court for the Southern District of New York,...more

Chris Lazarini Examines Dismissal of Claims Applying Res Judicata Standard

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini examined a case filed by Morgan Stanley against Defendant in a FINRA arbitration over an un-paid promissory note. The Defendant answered without asserting counterclaims, but later...more

11th Circuit Draws a Line on Actual Damages Under RESPA

by Burr & Forman on

In Baez v. Specialized Loan Servicing, LLC, 16-17292, 2017 WL 4220292 (11th Cir. Sept. 22, 2017) the Eleventh Circuit Court of Appeal recognized a limit to the requirement to the phrase “actual damages” in Section 2605 of the...more

Jury Verdict Expands to $298 Million in False Claims Act/FIRREA Case as Court Assesses Treble Damages and Penalties

A federal court in Texas recently entered a massive judgment against a mortgage originator for financial crisis conduct, transforming an already severe $93 million jury verdict into a $298 million punishment, and issuing one...more

Faulty Foreclosure Service Results in Lienholder Having to Pay Property Owner

When a lienholder starts a foreclosure, it usually is focused on getting money into its pocket. Yet a recent opinion from the North Carolina Court of Appeals (In re: Ackah – Sept. 5, 2017) should provide a warning to all...more

It’s About Context: CFPB Wins Bench Trial Against Third Party Servicer for Deceptive Advertising

by Goodwin on

On September 8, 2017, a judge in the Northern District California assessed a statutory penalty of $7,930,000 against Nationwide Biweekly Administration, Inc. (Nationwide) and issued an injunction prohibiting further deceptive...more

Court denies restitution sought by CFPB in lawsuit against biweekly mortgage payment companies

by Ballard Spahr LLP on

In another recent defeat for the CFPB, a California federal district court refused to award restitution sought by the CFPB in its lawsuit filed in May 2015 against two related companies offering a biweekly mortgage payment...more

Ocwen Predictably Reaches High-Dollar TCPA Settlement Following Class-wide Preliminary Injunction

by Dorsey & Whitney LLP on

By the time the gavel struck back on June 26, 2017, another high-dollar TCPA settlement was inevitable. On that date, Judge Matthew F. Kennelly of the Northern District of Illinois entered an order preliminarily certifying a...more

Court Awards Nearly $280 Million in Treble Damages Against Former FHA Lender

by Goodwin on

On September 14, 2017, the U.S. District Court for the Southern District of Texas issued an opinion and order against two former mortgage companies and their former president and CEO. The order, which followed a previous jury...more

600,000 Reasons to Comply with the Fair Credit Reporting Act

by Ward and Smith, P.A. on

The United States Court of Appeals for the Fourth Circuit—which covers federal courts in North Carolina—recently affirmed a borrower’s victory against a loan servicer under the federal Fair Credit Reporting Act (“FCRA”). In...more

Edison must pay in long running Tibble lawsuit

by Ary Rosenbaum on

A federal court ruled that Edison International must pay more than $7.5 million to compensate plan participants for its decision to include high-fee retail share mutual funds in its 401(k) plan when identical institutional...more

Chris Lazarini Discusses Application of Inter-American Convention on International Commercial Arbitration

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case involving an international family dispute over the holdings in a brokerage account. In this instance, the primary owner of the account – a mother living in Columbia...more

Southern District Of New York Dismisses Exchange Act Claims Based On Exposure To Puerto Rican Bonds For Failure To Sufficiently...

by Shearman & Sterling LLP on

On September 5, 2017, Judge Richard M. Berman of the United States District Court for the Southern District of New York dismissed a putative class action against Ambac Financial Group, Inc. (“Ambac”), asserting claims under...more

ERISA § 502(c)(1) Claim for Statutory Penalties is Barred by One-Year Statute of Limitations, Second Circuit Holds

Deciding an issue of first impression, the U.S. Court of Appeals for the Second Circuit recently held that a plaintiff’s claim under ERISA § 502(c)(1) was barred by Connecticut’s one-year statute of limitations for an action...more

Fourth Circuit Issues Mixed-Bag Decision On Punitive Damages In FCRA Cases

Inevitably, when conscientious judges delve into the multi-dimensional issue of excessive punitive damages, they get some things right and other things wrong. Such is the case with the Fourth Circuit’s recent decision in...more

Eleventh Circuit Affirms Dismissal in FCRA Class Action

by Goodwin on

Last week, the Eleventh Circuit affirmed the Northern District of Georgia’s dismissal of a putative Fair Credit Reporting Act (FCRA) case against Equifax and Transunion. In Pedro v. Equifax, Inc., plaintiff sought to...more

Does a removed trustee have a duty to see to it that the fiduciary reins are assumed by a qualified successor?

by Charles E. Rounds, Jr. on

A removed trustee retains myriad residual fiduciary duties and liabilities. The most obvious is the duty not to betray the confidences of the entrustment going forward. Less self-evident is the removed trustee’s residual...more

Minnesota AG Sues Lending Firms for Scamming Seniors and Veterans

by Goodwin on

On August 17, 2017, the Associated Press announced that Minnesota’s Attorney General is suing two lending firms (with the same Nevada address) for allegedly pressuring veterans and senior citizens into signing over large...more

DC AG Announces Judgment Against Student Debt Relief Provider

by Goodwin on

?On August 24, 2017, the Attorney General for the District of Columbia (D.C. AG) announced that his office won a judgment in the D.C. Superior Court against a debt relief provider and its owners. The DC AG alleged that the...more

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