News & Analysis as of

Class Action Class Certification Banking Sector

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
Goodwin

House Votes to Repeal OCC True Lender Rule

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In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Alston & Bird

Class Action & MDL Roundup: Winter 2019

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Welcome back to the Class Action & MDL Roundup! This year has begun with cases all over the map, from California to Florida to Massachusetts. The West Coast features overbearing manufacturers, allegedly underpaid lenders,...more

Orrick - Finance 20/20

SDNY Denies Class Certification in Royal Park Action Against Trustee Bank of New York

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On February 15, Judge Gregory H. Woods in the United States District Court for the Southern District of New York denied certificateholder Royal Park Investments SA/NV’s (“Royal Park“) renewed motion for class certification in...more

Seyfarth Shaw LLP

Class Claims Deserve More Rigorous Treatment, Third Circuit Holds

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Seyfarth Synopsis: In a recent decision, the Third Circuit Court of Appeals rebuked a Pennsylvania district court’s skeletal analysis of plaintiffs’ class action claims. Particularly, the court took issue with the district...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - September 2018

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We reported last week that a spyware maker recently compromised users’ and victims’ sensitive information. Since that time, another spyware maker, mSpy, which holds itself out as having over a million users employing its...more

Carlton Fields

Fourth Circuit Holds Plaintiffs Who Allege Identity Theft Have Standing To Sue Post-Data Breach, But What Does It Mean For...

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The Fourth Circuit’s 2017 decision in Beck v. McDonald held that the mere fear of identity theft in the wake of a data breach was insufficient to confer Article III standing. ...more

Carlton Fields

Despite Second Shot at Ascertainability Post-Petrobras, Renewed Motion To Certify Falls Flat On Predominance Grounds

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Royal Park, an investment company, recently suffered its second defeat in its attempt to certify a class action against Deutsche Bank regarding bond-like instruments collateralized by mortgages held in trusts entitling...more

Polsinelli

Waiver Redux: Appeals Court Confirms That Arbitration of Unnamed Class Member Claims Not Waived Following Certification Decision

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The Eleventh Circuit Court of Appeals recently held that a litigant may enforce its contractual arbitration provision as to absent class members despite not obtaining a ruling on the issue at the outset of the case. The right...more

Alston & Bird

Class Action Roundup: Spring 2018

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Welcome! The spring has sprung and we are here to round up the major class action opinions and settlements finalized during the first quarter of 2018. It was another active quarter with significant activity across all the...more

Smith Debnam Narron Drake Saintsing & Myers,...

District Court Expands on Pantoja, Finds Collection Letter on Stale Debt to Violate FDCPA for Failure to Include Revival Warning

A recent decision from the North District of Illinois has expanded on the Seventh Circuit’s holding in Pantoja v. Portfolio Recovery Assocs., LLC, 852 F.3d 679 (7th Cir. 2017) regarding revival warnings in collections letters...more

A&O Shearman

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

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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

Carlton Fields

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

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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

Robins Kaplan LLP

Your Daily Dose of Financial News

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Breakingviews is raising an eyebrow at the news from yesterday about Broadcom’s unsolicited $105 billion offer for Qualcomm [the largest-ever proposed tech deal], especially in light of the “mountain of debt” Broadcom would...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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American Express Chair and CEO Kenneth Chenault announced that he’s stepping down next year after 16 years at the helm of AmEx. He’ll be succeeded by Vice Chair Stephen Squeri....more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Weeks Ending September 22 & 29, 2017

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REAL PROPERTY UPDATE - - Constructive Notice: a memorandum of agreement that is recorded in the official records of the county in which the property is located and refers to an unrecorded agreement entered into by the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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As the scandal grows, WF’s newish CEO, Timothy Sloan, faces the unfortunate reality of being a company man (30-years at Wells) when the foundations of that company are cracking....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Here’s the other shoe for that news that all the big banks passed their Fed stress tests the other day: are the “bad old days of enormous leverage and freewheeling deals” and the risk inherent in them back, too?....more

Ballard Spahr LLP

Yet Another Lawsuit Alleging Securities Laws Violations – and Individual Liability – Due to AML/BSA Failures

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Financial institutions face an increasing risk that alleged violations of the Bank Secrecy Act (“BSA”) and Anti-Money Laundering (“AML”) requirements will lead to follow-on allegations of securities law violations. We have...more

Seyfarth Shaw LLP

Too Personal To Proceed: Personal Bankers’ Certification Bid Bounced Again

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Seyfarth Synopsis: The Second Circuit recently upheld a district court order denying a bid for class certification by personal bankers claiming their managers refused to approve timesheets with overtime hours, shaved...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts T+2 Settlement Cycle for Securities Transactions - On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to Rule 15c6-1(a), shortening the...more

Orrick, Herrington & Sutcliffe LLP

Madden v. Midland Update: District Court Denies Summary Judgment and Certifies Class

After the U.S. Supreme Court refused to grant review of the Second Circuit's May 2015 decision in Madden v. Midland concerning federal preemption of state usury rates for loans issued by a national bank, the case was remanded...more

Carlton Fields

Mortgage Servicer Defeats Class Certification Over Collection Practices Allegedly Targeting Discharged Mortgage Debts

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The Middle District of Florida recently denied a plaintiff’s motion for class certification concerning claims that a collection agency illegally and intentionally sent collection correspondence to mortgagees whose debts...more

Carlton Fields

Ohio Court Compels Plaintiffs to Respond to Interrogatories Regarding the “Contours” of the Putative Class

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In a reversal of the usual scenario where a plaintiff seeks and a defendant resists class discovery, the Southern District of Ohio granted a defendant’s motion to compel answers to its interrogatory regarding who was included...more

Alston & Bird

Class Action Roundup: Winter 2016

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Where the (Class) Action Is - This issue of Roundup wraps up 2015 with another slate of interesting cases spanning industries and subject matter. The running theme of ascertainability is now stretching into antitrust...more

Bilzin Sumberg

Financial Services Companies Seek Larger Payout in Target Data Security Suit

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Attorneys for certain banks and other financial institutions that are caught up in Target’s 2013 data breach are objecting to the $67 million deal struck last week between the retailer and Visa Inc. The banks and credit...more

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