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Finance & Banking Civil Procedure

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

9th Circuit Affirms Dismissal of FCRA Putative Class Action for Lack of Standing

by Weiner Brodsky Kider PC on

The Ninth Circuit has ruled that a plaintiff failed to allege a concrete injury-in-fact sufficient for Article III standing in a suit alleging a violation of the Fair Credit Report Act (FCRA). The panel affirmed the district...more

WVCCPA and the 2018 West Virginia Legislative Session Update #1

The 2018 West Virginia Legislative Session ended last week, and the legislature has rejected two bills that would have modified the Consumer Credit and Protection Act (“WVCCPA”), the primary statute in West Virginia that...more

A Uniform Standard of Review in ERISA Benefit Denial Cases: The Fifth Circuit Overrules Itself to Fall in Line with Other Courts

by Littler on

With its en banc decision in Ariana v. Humana Health Plan of Texas, the Fifth Circuit reconsidered the standard of review in an ERISA denial of benefits case. ...more

Federal Reserve Proposes Changes to Material Supervisory Determination Appeals Process

by Weiner Brodsky Kider PC on

The Federal Reserve Board (the Board) recently proposed revisions to its guidelines for appeals of material supervisory determinations. The revisions are aimed at improving and expediting the appeals process, particularly...more

Branch v. GEICO: The Convergence Of Class Certification And Article III Standing

by Seyfarth Shaw LLP on

On January 10, 2018, the U.S. District Court for the Eastern District of Virginia denied Plaintiff Tiffanie Branch’s renewed motion for class certification in Branch v. Government Employees Insurance Company, No....more

RBS Settles New York AG RMBS Claims for $500M

On March 6, 2018, New York Attorney General Eric T. Schneiderman announced that the State of New York has reached a settlement with RBS Financial Products Inc. f/k/a Greenwich Capital Financial Products, Inc. (“RBS“) to...more

Court Denies Dismissal of RMBS Trustee’s Claim for Failure to Notify

On March 7, 2018, New York Supreme Court Justice Marcy S. Friedman denied a motion by Morgan Stanley ABS Capital I Inc. (“Morgan Stanley”) to dismiss a claim by RMBS Trustee Deutsche Bank National Trust Company (the...more

In “Non-Statutory Insider” Case, Supreme Court Clarifies the Standard of Review for Mixed Questions of Law and Fact

In U.S. Bank Nat'l Ass'n v. Village at Lakeridge, LLC, No. 15-1509, 2018 U.S. LEXIS 1520 (Mar. 5, 2018), the Supreme Court analyzed the appropriate standard of review for appellate courts reviewing a bankruptcy court’s...more

Supreme Court Adopts Deferential Standard of Review on Chapter 11 Insider Status

by Jones Day on

In U.S. Capital Bank N.A. v. Village at Lakeridge, LLC, No. 15-1509 (U.S. Mar. 5, 2018), the U.S. Supreme Court held that an appellate court should apply a deferential standard of review to a bankruptcy court's decision as to...more

Limited recognition of foreign insolvency proceedings in Singapore

by Dentons on

Creditors and anyone seeking recognition of foreign insolvency proceedings in Singapore should consider how the presence of an injunction or an adverse court order may affect the chances of successful recognition....more

Separate Duty to Notify Revives Untimely Subprime Mortgage Claims

by Farrell Fritz, P.C. on

In a thorough opinion last week by Justice Marcy Friedman in Bank of N.Y. Mellon v WMC Mtge., LLC, the New York County Supreme Court upheld the timeliness of “Failure to Notify” claims arising from subprime mortgage-backed...more

Second Circuit Rejects Manifest Disregard Of Law As A Basis For Vacating An Arbitration Award

by Carlton Fields on

A panel of the Second Circuit has, in an unpublished summary order, emphasized the high bar that must be cleared by a party seeking to vacate an arbitration award. The matter arose from the decision of a financial advisor...more

Minnesota Supreme Court Requires Payment of Interest to Owner of Unclaimed Property

by Alston & Bird on

On March 7, 2018, the Minnesota Supreme Court issued a decision in Hall v. Minnesota, No. A16-0874, requiring the Minnesota Commissioner of Commerce to pay interest on proceeds from an interest-bearing account while the...more

U.S. Supreme Court Bolsters Clear Error Standard for Mixed Questions of Fact and Law

by Alston & Bird on

Our Bankruptcy & Financial Restructuring Group analyzes the U.S. Supreme Court’s decision on which kind of court is best suited to solve a mixed question. - Non-statutory status - The case at hand - Applying the clear...more

N.C. Supreme Court Holds Real Estate Brokers May Testify on the Issue of Fair Market Value

by Ward and Smith, P.A. on

In a recent opinion, the North Carolina Supreme Court expanded the possibilities of allowable testimony about a property's fair market value. In its decision in North Carolina Department of Transportation v. Mission...more

Federal Judge Adopts CFTC Position That Cryptocurrencies Are Commodities

• A New York federal judge held that virtual currencies are commodities within the meaning of the Commodity Exchange Act. • This marks the first court decision to assess and to adopt the CFTC’s position that virtual...more

Federal Court Sends Colorado's Case Against Online Lending Platform Back to State Court

Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state court. Last year, the Administrator of Colorado's Uniform Consumer Credit Code filed suits in...more

Dodging the Issue: The Supreme Court "Weighs" In On Bankruptcy Law

by Clark Hill PLC on

The Supreme Court has been unusually busy in addressing bankruptcy-related matters by issuing two recent opinions – Merit Management Group, L.P. v. FTI Consulting, Inc. (“Merit”) and U.S. Bank, N.A., as Trustee v. Village at...more

Appellate Court Joins Growing Chorus Finding That Procedural FACTA Violations on Their Own Are Insufficient for Standing

by Fenwick & West LLP on

In keeping with its recent decision in Bassett v. ABM Parking Services, the U.S. Court of Appeals for the Ninth Circuit held in Noble v. Nevada Checker Cab (March 9, 2018) that alleged procedural violations of the Fair and...more

Out Of Proportion: Court Denies Discovery Requests In Putative TCPA Class Action Due Burden On Defendant

by Carlton Fields on

This putative Telephone Consumer Protection Act (TCPA) class action arose from alleged marketing calls by Quicken Loans (Quicken) to potential mortgage customers. After the magistrate judge granted the plaintiff’s motion to...more

Judge Refuses to Put Debt Collector “Between a Rock and a Hard Place”

by Locke Lord LLP on

For years, debt collectors have complained about the Catch-22 they face under the Fair Debt Collection Practices Act (FDCPA)—provide too much detail and face liability for confusing the unsophisticated consumer, but provide...more

Court Partially Grants Motion to Dismiss in RMBS Certificateholder Suit

On March 2, 2018, Judge Louis L. Stanton of the United States District Court for the Southern District of New York granted in part and denied in part a motion by RMBS issuers and underwriters to dismiss five new claims...more

Applying Spokeo, 6th Circuit Dismisses FDCPA Suit

by Goodwin on

On February 16, 2018, the 6th Circuit, in Hagy v. Demers & Adams (882 F.3d 616 (6th Cir. Feb. 16, 2018)), found that a former borrower did not have standing to assert a claim under the Fair Debt Collection Practices Act...more

6th Circuit Says No Standing for FDCPA Claim under Spokeo

by Weiner Brodsky Kider PC on

The Sixth Circuit Court of Appeals recently held that two plaintiffs did not have standing to pursue their FDCPA claim for failure to make a required disclosure where the non-disclosure did not hurt the plaintiffs. The Sixth...more

California Court Finds Russian Court's Service Comported With Due Process

by Allen Matkins on

California adopted the 1962 Uniform Foreign Money-Judgments Recognition Act in 1967. The Act was intended to encourage the reciprocal recognition of United States judgments abroad by codifying rules as to foreign money...more

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