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Finance & Banking Civil Procedure

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

Court Agrees, Agencies Overstepped Their Authority. What’s Next for CLO Managers?

by White & Case LLP on

Recent Developments in the Application of US Risk Retention to CLOs - On February 9, 2018, the United States Court of Appeals for the District of Columbia Circuit (the "DC Circuit Court") issued an opinion addressing...more

Federal District Court Dismisses Mutual Fund Excessive Fee Lawsuit

by Goodwin on

On February 14, 2018, the U.S. District Court for the Southern District of New York in Manhattan issued a decision dismissing a complaint brought under Section 36(b) of the Investment Company Act of 1940, as amended, that...more

Spokeo IV: Cert Denied and the Circuit Splits Left Behind

by Bryan Cave on

On January 22, 2018, the United States Supreme Court denied a petition for writ of certiorari in Spokeo v. Robins – bringing an end to an appellate saga that started in the Ninth Circuit Court of Appeals before heading up to...more

Court of Appeals Decision: Managers of Open-Market CLOs Not Subject to Dodd-Frank Risk Retention

On February 9, 2018, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit unanimously ruled in favor of the Loan Syndications and Trading Association (“LSTA”) in its lawsuit against the...more

Pierre v. Midland Credit: Three Significant Lessons for Debt Collectors

by Locke Lord LLP on

On February 5, 2018, debt collectors took a significant defeat in the United States District Court for the Northern District of Illinois in Pierre v. Midland Credit Management, Inc., 1:16-cv-02895. Judge Henry D. Leinenweber...more

The State AG Report Weekly Update

by Cozen O'Connor on

AG Elections- Democrat Joseph Siegelman Declares Candidacy for Alabama Attorney General- Democrat Joseph Siegelman, a Birmingham personal injury attorney and the son of former Alabama governor Don Siegelman, announced...more

CFPB Issues a Request for Information Regarding Administrative Adjudications

by Weiner Brodsky Kider PC on

The CFPB has issued a Request for Information, seeking comments from the public regarding how it might better improve its administrative adjudication processes, including the Rules of Practice for Adjudication Proceedings...more

Federal Courts Do Not Appreciate Defendants Obtaining Arbitration Agreement From Active Plaintiff

In today’s post, we pick up where the 4th Circuit left off a few weeks ago — with federal circuit courts finding ways to avoid enforcing arbitration agreements that are obtained years after litigation has commenced....more

Third Circuit Holds “Settlement Language” in Collection Letter Can Be Misleading

by Blank Rome LLP on

In a change of course from its prior holding in Huertas v. Galaxy Asset Mgmt., 641 F.3d 28 (3d Cir. 2011), the Third Circuit rules that the terms “settlement” and “settlement offer,” in connection with collecting of a time...more

D.C. Circuit Upholds CFPB’s Constitutionality: Why the PHH Case Underscores the Importance of Internal Agency Discipline

by Dorsey & Whitney LLP on

On January 31, the U.S. Court of Appeals for the D.C. Circuit issued a plurality opinion en banc that confirmed the constitutionality of the Consumer Financial Protection Bureau’s (“CFPB”) governance by a sole Director, while...more

10th Circuit Finds Rooker-Feldman Inapplicable to Colorado Non-Judicial Foreclosure Procedure

by Weiner Brodsky Kider PC on

The U.S. Court of Appeals for the Tenth Circuit recently determined that the Rooker-Feldman doctrine, which limits federal-court jurisdiction, does not apply to a Colorado procedure for non-judicial foreclosure of mortgages....more

Risk Retention Rule Overturned for Open-Market CLO Managers: Implications for Managers and Investors

by Ropes & Gray LLP on

On February 9, 2018, a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit Court”) invalidated the credit risk retention rule, 79 Fed. Reg. 77,601 (Dec. 24, 2014)...more

Supreme Court Will Not Look at Spokeo Again, Leaving Lower Courts to Grapple with Article III Uncertainties

by Foley & Lardner LLP on

On January 22, 2018, the United States Supreme Court, quietly and without commentary, declined to review the Ninth Circuit Court of Appeals’ recent decision in the storied Spokeo, Inc. v. Robins case. In 2016, the Supreme...more

District Of Minnesota Certifies Securities Fraud Class Action But Narrows The End Of Putative Class Period To The Date Of The...

by Shearman & Sterling LLP on

On January 30, 2018, Judge John R. Tunheim of the United States District Court for the District of Minnesota granted class certification in a consolidated securities fraud class action against Medtronic and certain of its...more

Second Circuit Affirms Dismissal Of Claims, Finding No Personal Jurisdiction Where Defendants Were Not "At Home" In The Forum And...

by Shearman & Sterling LLP on

On February 9, 2018, the United States Court of Appeals for the Second Circuit affirmed the dismissal of aiding and abetting claims against UBS AG, AIA LLC, and their affiliated entities and individuals. SPV Osus Ltd. v. UBS...more

The LSTA Case: DC Circuit Court Delivers Victory for CLO Industry, with Some Broader Ramifications

by Morgan Lewis on

The Loan Syndications & Trading Association prevailed in its quest to eliminate credit risk retention requirements for open-market CLO managers, in a ruling that has other important implications....more

Red Notice Newsletter - Russian

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

LSTA’s Argument That CLO Managers Are Not “Securitizers” in Open-Market CLOs Carries the Day in Court. Now What?

by Shearman & Sterling LLP on

On February 9, 2018, the D.C. Court of Appeals ruled that treating managers of open-market CLOs as “securitizers” subject to the risk retention rules exceeded the statutory authority to promulgate rules to implement the risk...more

Following Cunningham, Pennsylvania District Court Finds Captive Reinsurance Putative Class Action Claims Are Time-Barred

by Carlton Fields on

In this putative class action, plaintiffs alleged unlawful practices related to mortgage insurance practices, including a violation of the Real Estate Settlement Procedures Act of 1974 (“RESPA”). ...more

Seventh Circuit Holds that ERISA does not Preempt State “Slayer Statute”

by Bryan Cave on

We turn once again to the sad and difficult task that plan administrators face when distributing the benefits of a participant who has been murdered by his or her designated beneficiary. Sad for obvious reasons. Difficult...more

4th Circuit Defines “Defendant” Narrowly under CAFA for Federal Jurisdiction

by Weiner Brodsky Kider PC on

The Fourth Circuit recently reaffirmed its holding in Palisades Collections LLC v. Shorts, 552 F.3d 327 (4th Cir. 2008), that an additional counter-defendant is not entitled to federal removal jurisdiction under the Class...more

“Golden Share” Equity Holder Can Bar Bankruptcy Filing

The Bankruptcy Court in the Southern District of Mississippi (the “Court”), in In re Franchise Services of North America, Inc., Case No. 1702316EE (Bankr. S.D. Miss. Dec. 18, 2017), upheld the blocking power held by a...more

State-Level Legislation Anticipates Wide-Spread Business Use of Blockchain

On a daily basis, companies are announcing new developments on the adoption of blockchain in core business operations. However, many of these use cases present unique legal issues. In order to provide some clarity on some of...more

Tales of Two Fraud Investigations Terminated and the Lives Blessed by Truth

by Nexsen Pruet, PLLC on

I have to tell two short stories today. As a former English teacher, I encourage you to allow your imagination to bring the realities of theses people's lives to life....more

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