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Dismissals Financial Institutions

Jones Day

The Year In Bankruptcy: 2023

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One year ago, we wrote that 2022 would be remembered in the corporate bankruptcy world for the "crypto winter" that descended in November 2022 with the spectacular collapse of FTX Trading Ltd., Alameda Research, and...more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2020

Federal Court in New York Dismisses Claims Against PPP Lenders for Agent Fees - A federal court in New York has dismissed claims made in six class action lawsuits against several banks and other Small Business...more

King & Spalding

U.S. District Court Dismisses Commodity Exchange Act Claims as Impermissibly Foreign

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On August 27, 2020, Judge George B. Daniels of the U.S. District Court for the Southern District of New York granted a Rule 12(c) motion for judgment on the pleadings made by financial institutions facing benchmark-rigging...more

Patterson Belknap Webb & Tyler LLP

Former Tribune Shareholders Still Merit Safe Harbor Upon Revision

We have noodled on the impact that the Supreme Court’s decision in Merit Management Group, LP v. FTI Consulting, Inc., which held that the safe harbor provided in Section 546(e) of the Bankruptcy Code does not apply when the...more

Dechert LLP

Second Circuit Paves a Way to Protect LBO Payments from Avoidance Actions 

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The Second Circuit Court of Appeals recently held in In re Tribune Company Fraudulent Conveyance Litigation, No. 13-3992-cv (L) (2d Cir., Dec. 19, 2019) that Bankruptcy Code Section 546(e) barred claims seeking to avoid...more

King & Spalding

Second Circuit Finds That Tribune Qualifies as Financial Institution Under Bankruptcy Code Safe Harbor Provision

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On December 19, 2019, the Second Circuit Court of Appeals issued an opinion (the “2019 Opinion”) arising out of the In re Tribune Company Fraudulent Conveyance Litigation,[i] finding that Tribune Company, which employed...more

White & Case LLP

UK Supreme Court upholds first successful claim for breach of the "Quincecare" duty financial institutions owe their customers

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In Singularis Holdings Ltd (In Official Liquidation) v Daiwa Capital Markets Europe Ltd ([2019] UKSC 50), the Supreme Court upheld the first successful claim in negligence by a customer of a financial institution for breach...more

Skadden, Arps, Slate, Meagher & Flom LLP

District Court Applies Section 546(e) Safe Harbor to Customer of Financial Institution, Revitalizing Key Defense

A recent decision from the U.S. District Court for the Southern District of New York has breathed new life into the Bankruptcy Code Section 546(e)’s securities transaction safe harbor for fraudulent conveyance actions. Judge...more

UB Greensfelder LLP

Ohio Supreme Court Clarifies the Definition of “Participating in or Aiding” Securities Fraud

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In a recent landmark decision, the Ohio Supreme Court declared that R.C. 1707.43 does not impose joint and several liability on a custodian of a self-directed individual retirement account (IRA) that purchased illegal...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - December 2018

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between September 2018 and October 2018. ...more

Holland & Knight LLP

Payment Card Data is Not Trade Secret Information under the DTSA

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In a recent case involving hackers that stole "payment card data" from Chipotle, Judge William J. Martinez in the United States District Court for the District of Colorado found on an issue of first impression that payment...more

Womble Bond Dickinson

Court Finds Permissible Purpose Under FCRA, Despite Alleged Lack Of Consent

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The Eastern District of Wisconsin recently confirmed that the permissible purpose for obtaining a consumer credit report under FCRA is broad. In Long v. Bergstrom Victory Lane, 2018 U.S. Dist. LEXIS 171750 (E. D. Wisc....more

Butler Snow LLP

Sixth Circuit Offers Perspective on Federal Removal and Wrongful Foreclosure in Mortgage Litigation

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In Beasley v. Wells Fargo Bank, N.A., 2018 WL 3478882 (6th Cir. July 19, 2018), the United States Court of Appeals for the Sixth Circuit provided clarification on certain aspects of removing a case from state court to federal...more

Holland & Knight LLP

Food and Beverage Law Update: June 2018

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Wage and Hour - Decision Upholds Class Action Waivers in Arbitration Clauses, Resolves Circuit Split - The U.S. Supreme Court issued a long-awaited decision in Epic Systems Corp. v. Lewis on May 21, 2018, holding that...more

Bradley Arant Boult Cummings LLP

The Economic Loss Doctrine as a Barrier to Data Breach Recovery

We recently commented on one hotly contested legal issue being addressed by the courts in data breach class action litigation, that of plaintiffs’ standing. Another issue that has been the subject of recent court activity in...more

Lowndes

The Perils of De Novo Review

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Florida’s Third District Court of Appeal issued an opinion yesterday that highlights the perils of de novo review. De novo review is the broadest standard of review for an appellate court, reserved for construing pure...more

Burr & Forman

Florida Supreme Court Refuses to Reconsider Landmark 2016 Ruling on Statute of Limitations for Mortgage Foreclosure

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On March 16, 2017, the Florida Supreme Court denied motions for rehearing and/or clarification filed by petitioners Lewis Brook Bartram, the Plantation at Ponte Vedra, and Gideon M.G. Gratsiani. All three petitioners...more

Butler Snow LLP

Financial Institutions’ Data Breach Class Action Bounced

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I’ve previously blogged about a new breed of data breach class actions filed by financial institutions against retailers (as opposed to customers suing retailers). In these cases, financial institutions claim that retailers...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

Carlton Fields

Florida’s Third DCA Withdraws Opinion Impacting Mortgage Lenders

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Last April, we provided an update on the Florida Third District Court of Appeal’s opinion in Deutsche Bank Trust Company Americas v. Beauvais. In that decision, the Third District held a dismissal without prejudice does not...more

Orrick - Finance 20/20

RMBS Suit Against WMC Mortgage LLC Dismissed as Time-Barred

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On July 10, 2015, Judge Alvin Hellerstein of the Southern District of New York granted defendant WMC Mortgage LLC’s motion for judgment on the pleadings in an action brought by the Federal Housing Financial Agency (“FHFA”)...more

Parker Poe Adams & Bernstein LLP

NC Appeals Court gives Big Win for Financial Institutions

North Carolina Court of Appeals – No Causes of Action against Financial Institutions for Aiding and Abetting Breach of Fiduciary Duty or Bank Secrecy Act Violations - While many bank employees were counting down to...more

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