There is no uniformity among the federal courts regarding the constitutionality of the “no surcharge” law. California recently held that its “no surcharge” statute was unconstitutional, but Texas recently held otherwise.
Author Thomas Pinder
Although the ruling is limited to Wisconsin, the decision weakens the personal liability protection of bank officers.
On September 30, 2015, the Federal Reserve Board of Governors approved Hudson City’s $3.7 billion merger with M&T Bank. The merger is expected to close on November 1, 2015, pending approval by the New York State Department of Financial Services.
The Eleventh Circuit’s ruling creates a circuit split with the Third, Seventh, and Sixth Circuits through which these circuits held that a company that acquires debt in default, and then tries to collect on that debt, qualifies as a debt collector.
The court also named Zimmerman Reed and Chestnut Cambronne as class counsel and Umpqua Bank, Mutual Bank, Village Bank, CSE Federal Credit Union and First Federal Savings of Lorain as class representatives.
Boland settled with the SEC in May and paid a $75,000 penalty. Boland was not required to admit or deny misconduct and did not receive an industry bar.
The decision creates a circuit split with the Fifth Circuit, which previously held that a whistleblower could not bring an anti-retaliation suit under Dodd-Frank against his employer because he did not report the alleged misconduct to the SEC first.
The decision leaves only Capital One’s antitrust counterclaims to be resolved.
The Court noted in its opinion that on remand, the district court may need to review the City’s claims under the U.S. Supreme Court’s recent Inclusive Communities decision.
The Third Circuit’s decision will strengthen the FTC’s exercise of authority over issues of cybersecurity.