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|Attorneys' Fees Provisions: Not a Blank Check to Overreach|
Anne E. Kane; Schnader Harrison Segal & Lewis LLP;
May 18, 2013, previously published on May 2013In the American legal system, attorneys’ fees and costs are not recoverable as damages unless expressly authorized by statute. Legal fees are simply a cost of doing business unless the parties to a contract agree otherwise.
|Federal Judge Reinstates $203 Million Judgment against Wells Fargo for Overdraft Fees|
Lieff Cabraser Heimann Bernstein LLP;
May 17, 2013, previously published on May 16, 2013As reported by the Daily Journal., a federal judge reinstated a $203 million judgment against Wells Fargo Bank NA in a consumer class action over claims the bank unfairly imposed overdraft fees on depositors. U.S. District Judge William Alsup of San Francisco filed the order late Tuesday after his...
|The New York State Department of Financial Services at the One-Year Mark: A New Aggressive Regulator Worth Following|
Robert W. Gaffey, Harold K. Gordon, Henry Klehm, Howard F. Sidman, Jayant W. Tambe; Jones Day;
May 15, 2013, previously published on May 2013Since the New York State Department of Financial Services ("DFS") began operations in late 2011, the agency appears to have lived up to its billing as an activist regulator of insurers and financial institutions. DFS has taken on several novel issues and will likely continue to do so....
|Protect Your Business from Check Fraud|
Joel C. Farrar; Foster, Swift, Collins & Smith, P.C.;
May 14, 2013, previously published on May 2013Advances in desktop publishing and color copying have led to dramatic increases in check fraud. Recently, Foster Swift's bank was presented with a fraudulent $1,000,000 check that was drawn on Foster Swift's general account. The check was indistinguishable from any other Foster Swift check, and in...
|Deadlines Approach for Implementation of NYSE And NASDAQ Compensation Committee Listing Standards|
J. Andrew Gipson; Jones Walker LLP;
May 9, 2013, previously published on May 9, 2013With the recent adoption of final listing standards applicable to compensation committees and compensation advisers of NYSE and NASDAQ exchange-listed companies, there are certain actions that affected companies should prepare to take.
|FINRA Member Regulation Sales Practice Forum (a/k/a What Keeps Regulators - and Firms - Up at Night)|
Diana C. Campbell Miller, Christina R. LoConte, Andrew W. Sidman; Bressler, Amery & Ross A Professional Corporation;
May 9, 2013, previously published on May 7, 2013A lively and interactive discussion covering regulatory “hot topics” among a panel of regulators and industry representatives marked the most recent meeting of the SRO Sub-Committee of the ABA Securities Litigation Committee on February 25, 2013. FINRA’s Susan Axelrod, former...
|Transfer $8 Million Out Of Accounts In New York? That Action Alone Is Not Sufficient To Establish Personal Jurisdiction|
Mark E. McGrath; Sheppard, Mullin, Richter & Hampton LLP;
May 3, 2013, previously published on April 30, 2013In Henkel v. Masiero, Index No. 650425/2012 (N.Y. Sup. Ct., N.Y. Cnty. Mar. 18, 2013) (the “Opinion”), the Supreme Court (J. Bransten) granted the defendants’ motion to dismiss for lack of personal jurisdiction on the grounds that one telephone call with a bank was not sufficient...
|Florida Appellate Court: Trial Court “Jumped the Gun” by Dismissing Bank’s Foreclosure Complaint with Prejudice|
John R. Chiles, Matthew J. Devine; Burr & Forman LLP;
April 30, 2013, previously published on April 29, 2013In Wells Fargo Bank v. Bohatka, et al., 38 Fla. L. Weekly D885a (Fla. 1st DCA April 22, 2013), the Florida First DCA reversed dismissal with prejudice of a residential foreclosure complaint. While the appellate court agreed that dismissal of the complaint was proper, it held that dismissal with...
|As the CFPB Turns ... And Other Consumer Financial Services News|
Christi A. Lawson; Foley & Lardner LLP;
April 29, 2013, previously published on April 25, 2013In this week’s episode of As the CFPB Turns questions remain regarding Director(?) Richard Cordray’s constitutional authority to act as the Director of the CFPB. House Financial Services Committee Chairman, Jeb Hensarling, R-Texas, advised Cordray that the D.C. Circuit’s recent...
|Pennsylvania Federal Court: Plaintiff’s Allegations of Concealment of RESPA Claim Sufficient to Survive Statute of Limitations Dismissal|
Rachel R. Friedman, Matthew T. Mitchell; Burr & Forman LLP;
April 25, 2013, previously published on April 25, 2013In Riddle v. Bank of America Corp., et al., 2013 WL 1482668 (E.D. Pa. Apr. 11, 2013), the federal district court for the Eastern District of Pennsylvania held plaintiffs’ allegation that the defendants actively concealed a reinsurance kickback scheme was sufficient to equitably toll the...