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Summary Judgment Financial Institutions

Ballard Spahr LLP

Plaintiffs free to appeal CFPB 1071 Rule after some plaintiffs drop their CFPB unlawful funding claim

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On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)....more

Ballard Spahr LLP

Kentucky Court Grants a Stay of Case Pending a Decision in the Texas Small Business Lending Lawsuit

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On August 7, 2024, the U.S. District Court for the Eastern District of Kentucky granted the CFPB’s motion to stay the small business lending rule litigation before the court until resolution of the similar case pending in the...more

Troutman Pepper

Indiana Appeals Court Rules That a Passive Debt Buyer Is a Debt Collector under the FDCPA and State Law

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The Court of Appeals of Indiana recently upheld a lower court’s decision that a debt buyer who purchased a portfolio of defaulted student loans and placed an account with a collection agency qualifies as a “debt collector”...more

Ballard Spahr LLP

Fifth Circuit stays further proceedings in CFPB appeal of summary judgment in lawsuit challenging UDAAP exam manual changes...

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Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their...more

Ballard Spahr LLP

CFPB appeals district court order granting summary judgment to plaintiffs in lawsuit challenging UDAAP exam manual

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On November 6, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their lawsuit...more

Ballard Spahr LLP

FTC targets deceptive practices in merchant cash advance case

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The Federal Trade Commission recently prevailed on summary judgment in a case against Jonathan Braun and his company RCG Advances, LLC. The product at issue, merchant cash advances, generally provide small businesses with...more

Troutman Pepper

Wisconsin Federal District Court Denies Cross-Motions for Summary Judgment Holding the Reasonableness of Furnisher’s Investigation...

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A U.S. District Court in the Western District of Wisconsin recently denied both the defendant and plaintiff’s summary judgment motions in a Fair Credit Reporting Act (FCRA) case, holding that the reasonableness of the...more

Freiberger Haber LLP

Proper Evidentiary Support for Compliance with RPAPL 1304 Remains an Issue for Foreclosing Lenders

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Because there have been a number of appellate decisions interpreting RPAPL 1304, this Blog has written frequently on that topic. By way of background, and as previously noted in the Blog, RPAPL 1304 requires that at least...more

Winstead PC

Court Holds That Bank Did Not Owe Fiduciary Duties To Depositor/Customer

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In Denson v. JPMorgan Chase Bank, N.A., Sandra Denson went to her bank to deposit $730 when a $50 bill became temporarily stuck in the cash counting machine, causing the teller to miscount the amount of the deposit as $680....more

Goodwin

Court Partially Denies Summary Judgment for Adviser in Section 36(b) Excessive Fee Action

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On October 3, 2018, Judge Edgardo Ramos of the U.S. District Court for the Southern District of New York issued a decision that largely denied an investment adviser’s motion for summary judgment in an action filed against...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

Orrick - Finance 20/20

Wells Fargo Wins Summary Judgment Motion on All Claims Brought by German Bank LBBW Luxemburg

On March 30, 2017, Judge J. Paul Oetken granted Defendants Wells Fargo Securities LLC (“Wells Fargo“), f/k/a Wachovia Capital Markets LLC (“Wachovia“), and Fortis Securities LLC’s motion for summary judgment, dismissing the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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It’s been far from a smooth ride for Uber over the past few weeks. And Friday’s revelation that the ride-sharing company’s been using a tool called “Greyball” to mine and use app data to “deceive the authorities in markets...more

Burr & Forman

Burr Alert: “Alakazam”(or not): No Magic Language Necessary for Confirmation Waivers as Georgia Courts Continue to Allow...

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In last March’s edition of this newsletter, we discussed the Supreme Court of Georgia’s decision in PNC Bank, National Association v. Smith, in which the Court held that compliance with O.C.G.A. § 44-14-161 “is a condition...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending February 10, 2017

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REAL PROPERTY UPDATE - Foreclosure: where foreclosing bank, who purchased debt from original mortgagee, failed to establish standing to enforce lost note “through evidence of a valid assignment, proof of purchase of the...more

Ballard Spahr LLP

2016 Year End Review: Money Laundering Opinions of Note

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The federal courts continued in 2016 to produce a stream of cases pertaining to money laundering. We focus on three below because they involve analysis of basic issues that frequently arise in money laundering litigation....more

Bilzin Sumberg

Minnesota State Court Defendants Win Partial Summary Judgment Over RFC and ResCap

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Wednesday, February 1 brought a welcome development for the many correspondent lenders currently defending against claims filed by (or threatened with future lawsuits by) Residential Funding Company (“RFC”) and its...more

Ballard Spahr LLP

Federal district court certifies interlocutory appeal in CFPB lawsuit against CashCall

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The California federal district court judge who is presiding over the CFPB’s lawsuit against CashCall and several related companies that funded, purchased, serviced, and collected online installment loans has granted the...more

Polsinelli

Second Circuit Finds Special Servicer's Repurchase Claim Barred by Statute of Limitations, POLSINELLI'S Loan Originator Client...

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The Second Circuit recently REVERSED a S.D.N.Y decision granting summary judgment in favor of a CMBS Trust whose Special Servicer sued POLSINELLI'S commercial loan Originator client seeking repurchase of a loan due to the...more

K&L Gates LLP

A First of its Kind—QFC Judgement Successfully Enforced by the Qatar Central Bank

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On 4 August 2016, the Civil and Commercial Court of the Qatar Financial Centre First Instance Court (QFC Court) issued a judgment, which was subsequently enforced by the Qatar Central Bank (QCB), without the need for court...more

Ballard Spahr LLP

FTC Obtains $1.3 Billion Judgment Against Individual Who Operated Payday Lenders

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The Federal Trade Commission (FTC) has obtained a $1.3 billion judgment against the individual operator of several payday lenders and related servicing and marketing companies in a lawsuit filed in a Nevada federal district...more

Skadden, Arps, Slate, Meagher & Flom LLP

Corporate Finance Alert: Court Ruling May Broaden Noteholders' Ability to Receive Redemption Premiums Following Indenture Defaults

On September 19, 2016, the U.S. District Court for the Southern District of New York granted summary judgment to Wilmington Savings Fund Society, FSB, with respect to claims brought against Cash America International, Inc. in...more

Ballard Spahr LLP

Subsequent debt collectors must send FDCPA validation notice, Ninth Circuit rules

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The Ninth Circuit has ruled that the FDCPA requirement in 15 U.S.C. §1692g(a) for “a debt collector” to send a validation notice either in “the initial communication” or “[w]ithin five days after the initial communication...more

Morrison & Foerster LLP

When CFPB Finds Deception Regardless Of A Lender’s Intent

There is a tendency to think of consumer fraud and misrepresentation as intentional acts that deceive consumers into engaging in transactions that they would not otherwise engage in. A recent case demonstrates that the...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 9.6.16

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Dealbook gives us the story of Airgas, where founder Peter McCausland’s reticence to sell (despite serious shareholder pressure) resulted in a $5 billion windfall rather than the all-too-often result of a later sale for...more

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