If the parties do not reach a settlement, the case will return to the lower court for a trial on the issue of the FDIC-R’s claims of ordinary negligence and breach of fiduciary duty against the bank’s officers.
Author Thomas Pinder
The deadline for eligible issuers to accept their alternative recovery offers is September 4, 2015.
The Second Circuit’s ruling does not apply where a non-bank entity is acting as an agent for the bank or where a state law interferes with the powers of a national bank.
The Second Circuit declared that the Court’s ruling is the first to address the scope of the FDCPA’s “in connection with the collection of any debt” language.
The Fifth Circuit’s decision on the FDIC’s Extender Statute aligns with prior rulings issued by the First, Second and Tenth Circuits.
The district court’s ruling aligned with the arguments in the ABA’s amicus brief.
The case will be remanded to the district court where the judge will eventually rule on the merits of plaintiffs’ claims.
A conference is scheduled in the district court for October 5, 2015 to decide the next steps in the litigation.
Many were surprised that the OCC elected not to challenge the decision.