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|China Further Opens Up to Foreign Banks|
Patrick H. Hu, Peilin Liu; Jones Day;
February 27, 2015, previously published on January 2015Following the recent announcement of several crucial economic reforms by the People's Republic of China ("PRC") leadership, and eight years since the promulgation of China's Administrative Regulations on Foreign-Invested Banks (the "foreign banks regulations"), the PRC State...
|Lenders’ Rights Under Threat in Nevada: the Nevada Supreme Court Rules That Homeowners Association Liens Can Extinguish First Deeds of Trust|
Jacob D. Bundick, Leslie S. Godfrey, David M. Rhodes; Greenberg Traurig, LLP;
February 17, 2015, previously published on December 12, 2014In a September 2014 ruling, the Nevada Supreme Court held that a homeowners association’s (HOA) non-judicial foreclosure sale can extinguish a mortgage lender’s previously-recorded first deed of trust on a property if that foreclosure is to recover assessments categorized as super...
|Ringing in the New Year: TCPA Hot Issues for 2015|
Keith J. Barnett, Thomas M. Byrne, Ellen M. Dunn, Juan C. Garcia, Allegra J. Lawrence-Hardy; Sutherland Asbill & Brennan LLP;
February 13, 2015, previously published on January 16, 2015The year 2014 saw a surge in class action filings under the Telephone Consumer Protection Act (TCPA). Record-setting class action settlements captured the headlines. The Federal Communications Commission (FCC) provided guidance on some issues, but unsettled law in other areas placed a compliance...
|The "Separate Entity Rule" Remains Alive and Well in New York State|
Kenneth R. Puhala; Schnader Harrison Segal & Lewis LLP;
February 6, 2015, previously published on October 2014On October 23, 2014, in Motorola Credit Corp. v. Standard Chartered Bank, No. 162, 2014 N.Y. LEXIS 2946 (2014), the New York State Court of Appeals, New York’s highest court, answered in the affirmative the following question certified to the court by the U.S. Court of Appeals for the Second...
|New York Puts Assets in Foreign Bank Branches Beyond the Reach of Judgment Creditors|
Lee A. Armstrong, Sevan Ogulluk; Jones Day;
December 16, 2014, previously published on November 2014Two weeks ago, the New York Court of Appeals issued a decision of great importance to global financial institutions. For the first time, the state's highest court confirmed that New York common law prevents a court from freezing a civil judgment debtor's assets held in foreign bank accounts....
|Florida Court Casts Doubt on Ability to Rely on Account Histories of Prior Note Holders and Servicers|
Craig S. Barnett, Avi Benayoun, Michele L. Stocker; Greenberg Traurig, LLP;
November 28, 2014, previously published on November 13, 2014On Oct. 13, 2014, the First District Court of Appeal issued a significant decision in Burdeshaw v. The Bank of New York Mellon, et al., -- So. 3d -- (Fla. 1st DCA Oct. 13, 2014) which now calls into question whether a note purchaser can rely on the business records of prior note holders and...
|Recent Judgment Handed Down in Swaps Litigation|
Richard Caird, Sam Coulthard, Alexandra Doucas; Dentons Canada LLP;
November 17, 2014, previously published on October 1, 2014In the continuing march of swaps litigation, each new judgment handed down represents a fresh carcass over whose bones those involved in such litigation inevitably pick for insights as to how future cases are likely to be decided. The recent judgment in the Crestsign litigation may well prompt the...
|New York’s Highest Court Endorses Application of “Separate Entity Rule” to International Banks: Landmark Ruling by Court of Appeals Confirms that Service of Asset Freeze Order on New York Branch of International Bank Does Not Reach Overseas Branches|
Bruce E. Clark, Justin J. DeCamp, Robert J. Giuffra, Sharon L. Nelles, Bradley P. Smith; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 23, 2014In Motorola Credit Corporation v. Standard Chartered Bank, the New York Court of Appeals confirmed that the separate entity rule, which has existed for nearly 100 years, remains a valid rule of law. Specifically, the Court of Appeals held that “a judgment creditor’s service of a...
|Pontiac General Employees Retirement System v. Healthways, Inc.: Delaware Chancery Court Declines to Dismiss Fiduciary Duty Claims Against Directors and Aiding and Abetting Claims Against Lender in Connection with Dead Hand Change of Control Provision in Credit Agreement|
Francis J. Aquila, Audra D. Cohen, H. Rodgin Cohen, Mitchell S. Eitel, John E. Estes; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 27, 2014In a bench ruling issued on October 14, 2014, the Delaware Court of Chancery (VC Laster) declined to dismiss fiduciary duty claims against the directors of Healthways, Inc. (“Healthways”) and an aiding and abetting claim against SunTrust Bank (“SunTrust”), the lender...
|Massachusetts Treasurer Demands National Mutual Fund Records in Multistate Unclaimed Property Audit|
Sutherland Asbill Brennan LLP;
October 14, 2014, previously published on October 8, 2014Late this summer, the Massachusetts Treasurer demanded mutual fund records on a nationwide basis as part of a multistate unclaimed property audit. Thirty-five (35) states are involved in the audit, but the Treasurer has sought records pertaining to all fifty (50) states.