Podcast: Credit Funds: Pro Rata Sharing Provisions – Key Points for Lenders
Under CPLR 7502(c), a court in “the county in which an arbitration is pending…[is permitted to] entertain an application…for a preliminary injunction in connection with an arbitration that is pending or that is to be...more
The U.S. Court of Appeals for the Ninth Circuit recently reversed a district court’s ruling, which had denied a motion to compel arbitration of Opportunity Financial (OppFi) on the basis that the arbitration clause was...more
In Perez v. Discover Bank, the Ninth Circuit Court of Appeals affirmed a district court order denying a motion to compel arbitration of the plaintiff’s discrimination claims, finding that the mandatory arbitration provisions...more
On December 21, 2022, the California Supreme Court denied review of a controversial Court of Appeal decision from earlier last year that prohibited lenders from charging default interest against the principal balance of any...more
It is not uncommon for loan agreements to provide for fees, penalties, and default interest in the event of the borrower’s late payment. However, a case recently published by California’s First Appellate District — Honchariw...more
Interstate 70 is a 2,100-mile highway that begins in the mountains of Cove Fort, Utah, and ends just outside Baltimore. Parts of I-70 in Kansas and Missouri were among the first sections of interstate highway ever built, and...more
The Hong Kong Court of Appeal has refused to stay to arbitration a court action brought on a dishonoured cheque because of an arbitration clause in the underlying loan agreement between the parties. The court noted there...more
In T v W (HCA 366/2020, [2020] HKCFI 2918), the Hong Kong Court of First Instance considered the interesting question of whether a claim made on a dishonoured cheque was caught by and fell within the application of an...more
In Williams v. Medley Opportunity Fund II, LP, plaintiffs Christine Williams and Michael Stermel obtained payday loans from American Web Loan, Inc. (AWL), an online entity owned by the Otoe-Missouria Tribe of Indians. The...more
The Third Circuit Court of Appeals has refused to enforce an arbitration agreement because it impermissibly limited claims to those available under tribal law at the expense of federal statutory claims. The court also...more
A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. that alleges Kabbage engaged in a “rent-a-charter”...more
The Eastern District of Pennsylvania recently granted a creditor’s request to compel arbitration over a plaintiff’s argument that the arbitration agreement he had signed was void as a result of a bankruptcy court discharging...more
In 2008, the U.S. Supreme Court in Hall Street Associates LLC v. Mattel Inc. determined that parties may not contractually agree to expand judicial review of arbitral awards beyond the grounds set forth in the Federal...more
An unsigned agreement put an end to a Telephone Consumer Protection Act (TCPA) defendant’s attempt to compel arbitration of the suit, the U.S. Court of Appeals for the Eleventh Circuit recently decided. That case is Gamble v....more
Hope Gamble sued New England Auto Finance, Inc. (NEAF) in federal court under the Telephone Consumer Protection Act (TCPA)....more
Over the last several weeks, two notable cases in federal court challenging certain aspects of the business model of marketplace lending companies headed down separate paths. ...more
Justice Anil Singh of the New York Commercial Division recently issued two decisions related to the long-running litigation between Russian businessmen Alexander Gliklad and Michael Cherney. ...more
The Eleventh Circuit recently held in Parm v. National Bank of California, that a payday lender’s arbitration clause was unenforceable because the forum selected was unavailable and no alternative forum was provided for.The...more
The Court of Appeals for the Fourth Circuit recently remanded a case to the district court for full consideration of a request to compel arbitration, finding the lower court’s order “inconsistent with the emphatic federal...more
A Florida court of appeals affirmed a trial court decision to deny arbitration finding a later signed contract supplanted an earlier contract with an arbitration provision. The Appellant, HHH Motors, LLP, signed a retail...more
SC19216 - Sikorsky Financial Credit Union, Inc. v. Butts - Finally some clarity in rules pertaining to the award of post-judgment interest. Here the (consumer) loan agreement provided that interest would accrue at 9%...more
The Eleventh Circuit affirmed a Florida district court’s denial of Cashcall’s motion to compel arbitration, as the forum selected in the parties’ loan agreement was not available. Appellee Abraham Inetianbor initially...more
“Waiting for the CFPB’s arbitration study” isn’t the title of a new play but it does describe the study’s status as we enter the final hours of 2014. Since the CFPB sent letters to payday lenders in August 2014...more
We recently learned that earlier this month, the CFPB sent letters to payday lenders demanding copies of certain of their standard loan agreements for use in connection with the CFPB’s arbitration study. The letters are...more