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Civil Procedure Finance & Banking

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

CFPB Files Suit Against National Debt-Settlement Services Provider For Allegedly Misleading Consumers

by Goodwin on

On November 8, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced it filed suit in federal court in California against a national debt-settlement services provider and its CEO based on alleged violations of the...more

Sixth Circuit Not Willing to Relent that Business Owner Was Liable for Trust Fund Tax Penalty Despite Creditor's Control over...

by Baker Donelson on

In Robert Karban, Jr. v. United States of America, earlier this year, the Sixth Circuit ruled that Mr. Karban, the owner of a manufacturing company, was a responsible person for paying over trust fund taxes, which he...more

District Of Colorado Affirms FINRA Arbitration Award

by Carlton Fields on

A Colorado federal court affirmed a FINRA arbitration award, despite a cross-motion to vacate the award on the bases of alleged panel misconduct; exceeding its powers; manifest disregard of the law; and that the award did not...more

CFPB opposes petition for certiorari filed by tribal lenders in Ninth Circuit case

by Ballard Spahr LLP on

The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more

Mass. Appeals Court Rebuffs Mortgagee’s Novel Bid For Equitable Subrogation

by Pierce Atwood LLP on

In its decision yesterday in Wells Fargo Bank v. Comeau, the Massachusetts Appeals Court rejected the plaintiff mortgagee’s attempt to use the doctrine of equitable subrogation in a novel way: to impose on a surviving wife...more

(Make) Wholly Moly: U.S. Court of Appeals for the Second Circuit Upholds Ruling Denying Noteholders’ Entitlement to a Make-Whole...

by Shearman & Sterling LLP on

On October 20, 2017, the United States Court of Appeals for the Second Circuit issued a decision which, among other things, affirmed the lower courts’ holding that certain noteholders were not entitled to payment of a...more

Consumer Financial Services Arbitration: Another Perspective

by Pierce Atwood LLP on

Much has been said and written about Congress’ rejection of the CFPB proposal to ban class action waivers in arbitration agreements between consumers and financial services companies. One of the most frequent statements I...more

CFPB Finally Acknowledges Arbitration Rule “Has No Force or Effect”

by Ballard Spahr LLP on

Two weeks after President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule, the CFPB has formally acknowledged Congress’ override of the rule under the...more

Amending Complaints 101 By Judge Gross – Physiotherapy Holdings

by Fox Rothschild LLP on

In a 10-page decision signed November 6, 2017 in an adversary proceeding arising within the Physiotherapy Holdings bankruptcy (PAH Litigation Trust, case 15-51238), Judge Gross of the Delaware Bankruptcy Court denied a motion...more

Blog: Amendments To The Federal Rules Of Bankruptcy Procedure Take Effect December 1, 2017

by Cooley LLP on

Just about every year amendments are made to the rules that govern how bankruptcy cases are managed — the Federal Rules of Bankruptcy Procedure. The amendments address issues identified by an Advisory Committee made up of...more

CFPB sues nation’s largest debt-settlement services provider

by Ballard Spahr LLP on

The CFPB has filed a lawsuit in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the Telemarketing Sales Rule (TSR). ...more

Bank failed to exercise discretion properly when setting collection fees

by Allen & Overy LLP on

A lender failed to exercise a contractual discretion properly when deciding on what collection fees to charge under a receivables finance agreement which allowed collection fees of “up to 15%”. The court held that the bank...more

Third party debt orders and letters of credit

by Allen & Overy LLP on

The Supreme Court decided that the legal ‘location’ (situs) of a debt due under a letter of credit is the place of residence of the debtor, not where the debt is due to be paid. The decision opens the door for third party...more

Australian Court Refuses to Stay Overlapping Class Actions

by Jones Day on

The Background: The defendant was faced with two "open" class actions (i.e. including all putative group members) in relation to the same allegations. The Issue: The defendant sought a court order permanently staying...more

District Court Clarifies FDCPA Bar Date In Letter Cases

When does the statute of limitations begin to run for a letter that runs afoul of the FDCPA? That is the issue which was presented in a recent case before the Eastern District of New York. In Gil v. Allied Interstate, LLC,...more

Director Cordray criticizes CRA override of CFPB arbitration rule

by Ballard Spahr LLP on

In a blog post last week, we noted that there had been no official statement from the CFPB about Congress’ override of the CFPB’s arbitration rule, which President Trump signed on November 1....more

Bridging the Week - November 2017

by Katten Muchin Rosenman LLP on

Backers of Tezos Initial Coin Offering Named in Prospective Class Action Litigation: On October 25, the promoters of a highly successful initial coin offering to support development of the Tezos blockchain project and other...more

Partnering Perspectives - Fall 2017

With the US poised to decrease regulation and the outcome of Brexit unknown, multinational institutions face a great deal of unpredictability in the regulatory landscape. In this edition of Partnering Perspectives, we look at...more

401K Not OK: ERISA Class Certified Under Rule 23(b)(1)(B)

by Carlton Fields on

A New York district court granted certification in an ERISA class action brought by employees of Deutsche Bank alleging the individual fiduciaries of the company’s retirement plan engaged in self-dealing and mismanagement of...more

2nd Circuit: Secured Lenders Entitled to Market-Rate Interest in Cram-Down Plan

by McGuireWoods LLP on

In October 2017, the 2nd U.S. Circuit Court of Appeals, in In re MPM Silicones (Momentive) LLC, held that a non-consenting class of creditors is entitled to receive post-confirmation interest at a market rate if an efficient...more

European Guide to Debt Collection

This guide provides an overview of recovering proceedings for claims across Europe. Notwithstanding the EU initiatives to facilitate the recovery of a monetary claim in another EU Member State, experience teaches that calling...more

11th Circuit Affirms FTC's $13.5 Million Judgment Against Mortgage Relief Fraudster

by Ballard Spahr LLP on

On November 2, 2017, the U.S. Court of Appeals for the 11th Circuit affirmed a $13.5 million judgment that the FTC obtained against a group of individuals, law firms, and related entities that engaged in a massive nationwide...more

Oklahoma files amicus brief in support of tribal lenders’ motion to dismiss CFPB lawsuit

by Ballard Spahr LLP on

The State of Oklahoma has filed an amicus brief in support of the motion to dismiss filed by four online tribal lenders sued by the CFPB for alleged Consumer Financial Protection Act and Truth in Lending Act violations. The...more

When will the CFPB formally acknowledge that Congress has repealed its arbitration rule?

by Ballard Spahr LLP on

Yesterday marks one week since President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule....more

Financial Services Weekly News - November 2017 #2

by Goodwin on

Editor's Note - Change at the Fed. As expected, on November 2, President Trump nominated Jerome H. Powell to be Chairman of the Board of Governors of the Federal Reserve System (FRB) for a term of four years beginning...more

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