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Financial Institutions Breach of Contract Financial Services Industry

A&O Shearman

An interest-ing question: when is a default interest rate a penalty?

A&O Shearman on

The Court of Appeal has affirmed a three-step test for penalty clauses: (1) is it a secondary obligation; (2) does the clause protect a legitimate interest; and (3) is it extortionate by reference to the legitimate interest?...more

Troutman Pepper

Amici Argue for Narrow Interpretation of National Bank Act Preemption

Troutman Pepper on

A group of non-profit consumer advocacy organizations, the Conference of State Bank Supervisors, and the American Association of Residential Mortgage Regulators filed two separate briefs asking the U.S. Supreme Court to...more

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