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Civil Remedies Finance & Banking

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

New Tax Law Changes Deductibility of Government Settlement Payments in False Claims Act, SEC, FINRA, and Other Types of Cases

by Foley & Lardner LLP on

The new tax law changed the deductibility of settlements with government agencies in some circumstances thereby increasing the cost to companies to settle these cases. The deduction arose from the section in the Internal...more

How Corporations Can Stay Vigilant Against Online Banking Fraud – Lessons from Recent Court Judgments

by Morgan Lewis on

Due to the general flexibility granted to banks by their standard account opening terms, corporate victims of online banking frauds often face substantial hurdles in court in their attempts to recover the sums lost from the...more

First State Charges Broker-Dealer in Connection with Violations of DOL Fiduciary Rule

On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) of the Office of the Secretary of the Commonwealth charged a registered broker-dealer (the “Broker-Dealer”) that operated...more

Post-Discharge Loan Modification with Partial Claim Gets Servicer in Trouble with Bankruptcy Court

by Weiner Brodsky Kider PC on

The U.S. Bankruptcy Court of the Southern District of New York recently sanctioned a mortgage servicer for violating a bankruptcy discharge injunction when it required a debtor to sign a subordinate mortgage and note—pursuant...more

Winning While Losing with Attorneys' Fees Provisions

by Ward and Smith, P.A. on

The United States District Court for the Middle District of North Carolina recently issued a decision that demonstrates the power of attorneys’ fees provisions in promissory notes and guaranty agreements. In TD Bank v. Jay...more

Student Loan Debt Relief Company Banned from Doing Business in Kansas

by Goodwin on

?On February 6, 2018, a Kansas state court entered a default judgment against a Florida student debt relief company banning it from doing business in Kansas and ordering it to pay over $39,000 back to one consumer. Kansas...more

Investment Services Regulatory Update - February 2018

by Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

Virginia Attorney General Announces Settlement with Online Lender, Resulting in $2.7 Million in Relief to Virginia Consumers

by Goodwin on

?On February 7, 2018, Virginia Attorney General Mark R. Herring (Virginia AG) announced a settlement with a Virginia based online lender for alleged violations of the Virginia Consumer Protection Act. The lender allegedly...more

Massachusetts Attorney General Fines Servicer Millions over Servicing Practices

by Weiner Brodsky Kider PC on

On January 30, 2018, the office of the Massachusetts Attorney General (the “AG”) announced that the state reached a settlement with a national mortgage servicer (the “Company”) that requires the Company to settle claims that...more

FTC files lawsuit against student loan debt relief companies

by Ballard Spahr LLP on

The FTC has filed a lawsuit in a California federal district court against three interrelated student loan debt relief companies and the individual who is their majority owner for alleged violations of Section 5 of the FTC...more

FTC Gets Restraining Order Against Mortgage Loan Modification Operators

by Weiner Brodsky Kider PC on

The Nevada federal district court recently granted a temporary restraining order (TRO) against a large group of mortgage loan modification operators, following a complaint from the Federal Trade Commission (FTC) which alleged...more

Court dismisses credit union’s lawsuit challenging Mulvaney’s appointment

by Ballard Spahr LLP on

The U.S. District Court for the Southern District of New York has dismissed for lack of Article III standing the lawsuit filed by a credit union challenging President Trump’s appointment of Mick Mulvaney as CFPB Acting...more

Recent Antitrust Settlements Are Providing New Recovery Opportunities, But Filing Claims Is Proving To Be Complicated

First there was Libor. Next came credit default swaps and foreign exchange. Now, highlighted by the over $2 billion settlement reached in the Foreign Exchange Antitrust Litigation, plaintiffs are pursuing a number of...more

SEC halts “Decentralized Consumer Bank” Initial Coin Offering (ICO) Labeling it a “Scam”

On Monday, the Securities and Exchange Commission (SEC) announced it had obtained a court order suspending AriseBank’s (Arise) initial coin offering (ICO) whose public sale began in late December. According to the SEC, Arise...more

Recent Massachusetts Decision Highlights Importance of Using Precise Remedy Provisions in Mortgages

by Ballard Spahr LLP on

A recent decision of the Supreme Judicial Court of Massachusetts highlights the importance of using clear and unambiguous remedy provisions in residential mortgages and deeds of trust....more

What is Arkansas' Pre-Judgment Interest Rate? A Vexing Question with No Clear Answer.

If you become engaged in litigation in Arkansas, the answer to this question can be worth hundreds of thousands of dollars in potential recovery or exposure. As such, pre-judgment interest is an important consideration. This...more

CFPB’s $287 Million Restitution and Penalties Request Denied

by Weiner Brodsky Kider PC on

The U.S. District Court for the Central District of California recently denied the CFPB’s request for $236 million in restitution and $52 million in penalties against a lender, its president and CEO, and two affiliates...more

A Parsing of the Newly-Minted Uniform Directed Trust Act

by Charles E. Rounds, Jr. on

Charles E. Rounds, Jr., “The Uniform Directed Trust Act: Context, content and critique," Trusts & Estates (December 2017), at p. 24 [Vol. 156 No. 12)] is now accessible on JD SUPRA below....more

District court stays proceedings pending outcome of English preliminary injunction appeal; English files opening appeal brief

by Ballard Spahr LLP on

On January 30, 2018, the federal district court hearing Leandra English’s action seeking a declaration that she is the lawful Acting CFPB Director granted the parties joint motion to stay further proceedings pending a...more

Chris Lazarini Analyzes Mandatory Arbitration Rule under FINRA Rule 12200

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a case in which defendant Wilson-Davis, a securities firm, sought to enjoin an arbitration brought against it alleging that the firm's failure to supervise its agent caused...more

No Direct Cause, No Restitution

A recent federal appellate decision shows there are limits to the ability of a regulator to claim monetary sanctions for statutory violations. Last week the 11th Circuit held that investors whose losses were solely associated...more

Southern District Of New York Magistrate Judge Recommends Denial Of Class Certification In Action Against RMBS Trustee

by Shearman & Sterling LLP on

In a January 10, 2018 ruling unsealed on January 19, Magistrate Judge Sarah Netburn of the United States District Court for the Southern District of New York recommended denial of Royal Park Investments’ request for class...more

D.C. Circuit Court Confirms Mulvaney’s Appointment as Acting Director of the CFPB

by Weiner Brodsky Kider PC on

The U.S. District Court for D.C. has again ruled that President Trump had the authority to appoint an acting Director to the CFPB upon the resignation of Richard Cordray under the authority of the Federal Vacancies Reform Act...more

A Look Back at Significant Developments in Class Action Law in 2017

From the standpoint of class action practice, 2017 was as important for what did not happen as for what did. Here are some of the highlights and lowlights of the 2017 class action scorecard, with a look forward to how the...more

Ninth Circuit Holds That a Prohibition on Credit Card Surcharges Abridges Merchants’ Freedom of Speech in Violation of First...

by Foley & Lardner LLP on

The Ninth Circuit’s recent decision in Italian Colors Rest. v. Becerra (“Italian Colors”), upheld an as-applied constitutional challenge to a California law prohibiting retailers from imposing a surcharge on customers paying...more

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