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Documents on Litigation, Banking & Financial Services
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|Idaho Unclaimed Property Rule: Insurers Must Confirm Whether Insureds Have Died|
Thomas W. Curvin, Ellen M. Dunn, Phillip E. Stano, Steuart H. Thomsen, Mary Jane Wilson-Bilik; Sutherland Asbill & Brennan LLP;
July 8, 2014, previously published on July 1, 2014In a recently issued notice of rulemaking, the Idaho State Treasurer’s Office has proposed a temporary rule that, if permanently adopted, would alter two key definitional provisions in the state’s unclaimed property laws relating to life insurance policies and annuity contracts. The...
|Latest Swiss Cross-Border Tax Investigation Reflects Wider US Enforcement Agenda|
Ryan Dennis Junck, Sean P. Shecter; Skadden, Arps, Slate, Meagher & Flom LLP;
July 3, 2014, previously published on June 26, 2014Authorities in the U.S. continue to crack down on foreign financial institutions that have allegedly aided U.S. taxpayers in evading their tax obligations. On May 19, 2014, Credit Suisse AG pled guilty to conspiracy to aid and assist U.S. taxpayers in filing false income tax returns and other...
|District Court of Nicosia Rules that a Russian Court Creditor Cannot Seek Directly its Enforcement Against Foreign Defendants|
Soteris Flourentzos; Soteris Pittas & Co LLC;
July 3, 2014, previously published on Summer 2014The District Court of Nicosia considered if it had jurisdiction to order the registration and enforcement of a Russian Court Judgment on the direct application of a Russian Judgment Creditor against a foreign Judgment Debtor. The Respondent, i.e. the foreign Judgment Debtor, applied successfully...
|Montana Coop Set to Emerge from Bankruptcy|
Sutherland Asbill Brennan LLP;
June 23, 2014, previously published on June 17, 2014A federal bankruptcy judge tentatively approved a reorganization plan for Southern Montana Electric Generation and Transmission Cooperative last week, pending receipt of a proposed order and other supplemental plan documents and agreements. As the Sutherland Coop Team reported on March 29, 2014,...
|FIRREA Protects Purchasing Banks Against Some Claims Disguised as Affirmative Defenses|
Adam Keith Butman Brandon, Scott Jonathan Kennelly; Rogers Towers, P.A.;
June 20, 2014, previously published on June 10, 2014As previously discussed on this blog, the Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) creates a mandatory administrative claims process for claims against the assets of failed financial institutions. If a party with a claim against a failed bank does not...
|Credit Unions Beware - the TARP Watchdog Is Ready to Pounce|
Joanna P. Breslow Boyd, Michael J. Rivera; Venable LLP;
June 11, 2014, previously published on June 2014Credit unions participating in the Troubled Asset Relief Program (TARP) are now a major blip on the radar screen of the TARP watchdog, the Special Inspector General for TARP (SIGTARP). TARP, often referred to as the "bank bailout," is most remembered for investing over $200 billion of...
|PRC Laws No Excuse for Non-compliance with SFC Requests|
Susanne J. Harris, John M. Hickin, Nicholas D. Hunsworth, Billy Y. C. Lam, Thomas S. T. So; Mayer Brown JSM;
June 11, 2014, previously published on June 5, 2014On 23 May 2014, the Court of First Instance ordered Hong Kong accounting firm Ernst & Young (EY) to produce documents relating to a PRC company, Standard Water Limited (the "Company"), to the Securities and Futures Commission (SFC). The court rejected EY's argument that it did not...
|Florida Federal Courts Address Assignee Liability Under Section 1641 of TILA|
Nicholas S. Agnello, John R. Chiles; Burr & Forman LLP;
June 10, 2014, previously published on May 21, 2014In Alaimo v. HSBC Mortgage Services, Inc., 2014 WL 930787 (S.D. Fla. March 10, 2014) the Honorable Robert N. Scola extended his previous decision in Signori v. Fed. Nat’l Mortg. Assoc., 934 F.Supp.2d 1364, 1367 (S.D.Fla. 2013) holding that an assignee of a mortgage loan cannot be held liable...
|Florida Appellate Court: Lenders Must Authenticate Business Records|
John R. Chiles, Courtney Oakes; Burr & Forman LLP;
June 9, 2014, previously published on May 16, 2014In Hunter v. Aurora Loan Services, LLC, Case No. 1D12-6071 (Fla. 1st DCA March 4, 2014), the First District Court of Appeals found that a lender must lay the necessary foundation under the business records exception to admit documentation from a prior servicer into evidence.
|Jurisdiction After Settlement Agreements|
Scott J. Kennelly, Janet C. (Jacy) Owens; Rogers Towers, P.A.;
May 13, 2014, previously published on May 6, 2014In the midst of litigation, the lender and the borrower often reach a settlement and execute a settlement agreement. Sometimes, the settlement agreement calls for the immediate resolution of the lawsuit, so the lender complies by dismissing the lawsuit. But what happens if the borrower later...