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|CFTC Votes to Re-Propose Margin Requirements for Uncleared Swaps|
Steven Lofchie, Nihal S. Patel, Jeffrey L. Robins; Cadwalader, Wickersham & Taft LLP;
September 22, 2014, previously published on September 18, 2014On September 17, 2014, the Commodity Futures Trading Commission (“CFTC”) voted to re-propose rules to impose initial and variation margin requirements on uncleared swaps entered into by swap dealers and major swap participants that are not regulated by a “Prudential...
|Federal Court Relaxes Requirements for Australian Class Actions|
John Emmerig, Michael Legg; Jones Day;
September 19, 2014, previously published on September 2014Ms Gray commenced two class actions related to the provision of consumer credit by Cash Converters franchises through "personal loan" and "cash advance" contracts. The respondents are alleged to have engaged in unconscionable conduct in contravention of s 12CB(1) of the...
|The Independence of Scotland: A Legal Primer for Canadians|
Brandon Barnes; Davis LLP;
September 19, 2014, previously published on September 17, 2014On September 18, Scotland will hold a referendum on whether it should become an independent state. Although Scotland is a decidedly minority partner in the economy of the United Kingdom 0 it holds 8.3% of the population of the UK and less than 10% of the UK’s estimated GDP - the prospect of...
|Judge Vacates $22 Million Verdict and Orders New Trial|
Richard A. Vance; Stites & Harbison, PLLC;
September 19, 2014Jefferson Circuit Judge Jim Shake vacated jury verdicts against several banks in a major lender liability/mortgage fraud case in Louisville. The verdict, one of the largest ever in a Kentucky lender liability case, garnered significant media attention when rendered last fall, but the order for a...
|Three Things US Audit Committee Members Should Consider Now|
David S. Bakst, John P. Berkery, Edward S. Best, James B. Carlson, Michael L. Hermsen; Mayer Brown LLP;
September 19, 2014, previously published on September 11, 2014Audit Committees have seen their responsibilities increase dramatically in 2014. Additionally, they have also faced increased regulatory scrutiny, potential liabilities and proxy and shareholder activist opposition to the re-election of Audit Committee members to the board of directors of the...
|Battling on the Front Lines of Foreclosures: What Must A Lender Consider And Do When Foreclosing On A Property Owned By A Servicemember Under The "ACT"|
Steven W. Ferrell, Meredith L. Minkus; Burr & Forman LLP;
September 18, 2014, previously published on September 16, 2014 A complicated, but sometimes overlooked, issue facing foreclosing lenders is properly handling and defending against claims that a servicemember-owner is entitled to protections from foreclosure based on his or her status as a servicemember. The “Servicemembers Civil Relief Act (2003),”...
|Update to New CME Rule on Disruptive Trading Practices Summary Chart|
Sohair A. Aguirre, Neal E. Kumar, Anthony M. Mansfield, Paul J. Pantano; Cadwalader, Wickersham & Taft LLP;
September 18, 2014, previously published on September 15, 2014On August 28, 2014, the Chicago Mercantile Exchange Inc., the Board of Trade of the City of Chicago, the New York Mercantile Exchange, Inc., and the Commodity Exchange, Inc. (collectively, the “CME”) submitted a notice of a rule adoption to the Commodity Futures Trading Commission (the...
|Missouri Supreme Court Clarifies When Deceptive Practices Occuring After the Sale May Still be Within Coverage of the Merchandising Practices Act|
Michael James Smith; Baker Sterchi Cowden & Rice, L.L.C.;
September 18, 2014, previously published on September 4, 2014The Missouri Merchandising Practices Act (MMPA), enacted in 1967, was meant to expand the common law definition of fraud to protect consumers from unfair or deceptive practices done “in connection with the sale or advertisement of any merchandise.” 407.020.1 RSMo 2013. Two new decisions...
|Do Guarantors Fall Under the Protection of the Equal Credit Opportunity Act?|
Samantha Alves Orender; Rogers Towers, P.A.;
September 17, 2014, previously published on September 4, 2014We have discussed the Equal Credit Opportunity Act(“ECOA”), which makes it unlawful for a creditor to discriminate against an applicant in any aspect of a credit transaction on the basis of, among other things, the applicant’s marital status, religion, sex, race, or age. The...
|Overview of the Florida Consumer Collection Practice Act|
Adam Keith Butman Brandon; Rogers Towers, P.A.;
September 17, 2014, previously published on September 11, 2014As discussed in a prior post, the Florida Consumer Collection Practices Act (FCCPA) can apply to both debt collectors (like collection agencies) and lenders who seek to collect their own debts. The FCCPA is broader than the federal Fair Debt Collections Practices Act (FDCPA), which only regulates...