News & Analysis as of

Damages Financial Services Industry

Ballard Spahr LLP

CFPB wins default judgment in auto dealership complaint, but federal judge rejects bureau assessment of damages

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A federal District Judge for the Northern District of Georgia, Victoria Marie Calvert, awarded a default judgment to the CFPB against USASF, a car loan servicer of loans originated by U.S. Auto Sales Inc., a buy-here,...more

A&O Shearman

Breach it and weep: deemed fulfilment ain’t fictional

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The Court of Appeal has held that a party who prevents a condition precedent to their obligation to pay from being met cannot rely on the unfulfilled condition to escape their liability in debt....more

McGlinchey Stafford

Court Rules Eviction Proceedings are Not Debt Collection under FDCPA

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The United States Court for the Western District of Virginia recently granted a foreclosure firm’s motion to dismiss on the grounds that the firm’s representation of a lender did not violate the Fair Debt Collection Practices...more

McDermott Will & Emery

Mobility@McDermott: Monthly Update (02/2024)

1. Ruling of European Court of Justice on jurisdiction in product liability case- Another interesting judgment of the ECJ on jurisdiction in cross-border disputes was handed down on 22 February 2024 in a product liability...more

Sheppard Mullin Richter & Hampton LLP

CFPB Brings String of Enforcement Actions to Round Out 2023

In December, the CFPB brought a series of three separate enforcement actions against several financial services companies alleging a range of violations of federal consumer protections laws....more

Carlton Fields

Third Circuit Affirms Order Denying Motion to Compel Arbitration After AAA Declines to Administer Arbitration

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The Third Circuit Court of Appeals has affirmed a district court decision denying defendant MicroBilt Corp.’s motion to compel arbitration, finding the plaintiff had fully complied with all provisions of her arbitration...more

McGlinchey Stafford

Eleventh Circuit Holds a Showing of Actual Damages Is Not Required to Recover Statutory Damages Under the FCRA

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In Santos v. Healthcare Recovery Group, LLC, Plaintiffs Omar Santos and Amanda Clements sued Experian for allegedly willfully violating the FCRA by failing to follow reasonable procedures to ensure the accurate preparation of...more

Troutman Pepper

In the Ninth Circuit Precision is Required in an Offer of Judgment

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A U.S. District Court in the Southern District of California recently held that a Federal Rule of Civil Procedure 68 offer of judgment must clearly state that attorneys’ fees and costs are limited or waived, as Arvest Central...more

Ballard Spahr LLP

Eleventh Circuit rules consumers can recover statutory damages for willful FCRA violations without proving actual damages

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Joining every other circuit to address the same issue, the U.S. Court of Appeals for the Eleventh Circuit recently ruled that a consumer does not have to prove actual damages to recover statutory damages for willful...more

Bennett Jones LLP

Mareva Injunction over Cryptocurrencies in the Freedom Convoy Class Action

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The Significance and Implications For Persons Engaging With Cryptocurrencies and Digital Assets - A series of protests and blockades in Canada against COVID-19 mandates and restrictions, called the "Freedom Convoy" by...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending May 1, 2020

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Real Property Update - Foreclosure / Note: Trial court could not challenge authenticity of note as copy where borrower had not pleaded defenses and lender was not afforded advanced notice of dispositive issue to be tried -...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending February 7, 2020

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Real Property Update - Fraudulent Transfer: Real property that was worth less than mortgage encumbering it was not an asset per the plain language of section 726.102(2) and, therefore, could not support fraudulent transfer...more

Ballard Spahr LLP

CFPB files lawsuit against companies and individuals involved in offering student debt relief services

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The CFPB filed a complaint last week in a California federal district court against several companies and individuals involved in offering student loan debt relief services for allegedly obtaining consumer reports unlawfully,...more

Burr & Forman

Eleventh Circuit Affirms That Banks Must Use Unambiguous Language When Disclosing Methods For Assessing Overdraft Fees

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In Carol Tims v. LGE Community Credit Union, the Eleventh Circuit Court of Appeals held that a credit union’s account agreement with one of its customers was ambiguous about which account balance calculation the bank would...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending June 28, 2019

Carlton Fields on

Real Property Update - Foreclosure / Res Judicata: res judicata did not apply where later foreclosure action was based on different period of default than the prior action on same loan - Bullock v. Bayview Loan Servicing,...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending May 17, 2019

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Real Property Update - Sanctions / Dismissal: trial court abused discretion in dismissing bank’s foreclosure action; record established bank complied with discovery orders on which the motion for dismissal/sanctions was...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending April 5, 2019

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Real Property Update - Foreclosure / Standing: bank cannot rely solely on its acquisition of prior lenderto prove standing where note was specially indorsed to prior lender - Certo v. The Bank of New York Mellon, No....more

Carlton Fields

Real Property & Financial Services Update: Week Ending March 15, 2019

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Real Property Update- Deed Restriction / MRTA: Marketable Records Title to Real Property Act extinguished association's restrictions where restrictions were more than thirty years old, predating lot owner's root of title,...more

Womble Bond Dickinson

Damage Control: Understanding Defendants’ Potential Exposure Under the Fair Credit Reporting Act

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Depending on the statutory violation, the Fair Credit Reporting Act (FCRA) allows plaintiffs to recover a wide array of damages and exposes defendants to significant liability. Seemingly minor violations of the Act may result...more

Carlton Fields

Court Refuses To Reconsider Arbitrator’s Factual Determinations

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In a case emphasizing the deference courts give to factual findings of arbitrators, a magistrate judge in the Eastern District of New York has confirmed an arbitration award granting damages and attorneys’ fees to a company...more

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