Browsing: Uncategorized

Uncategorized ABA, trades file amicus brief supporting U.S. Bank in Foreclosure Abuse Protection Act case

The American Bankers Association and a group of trade organizations filed an amicus brief urging the New York Supreme Court’s Appellate Division to hold the retroactive application of the New York Foreclosure Abuse Protection Act is unconstitutional. U.S. Bank attempted to foreclose on Robyn Simon’s home in 2009. The New York Supreme Court dismissed the bank’s claim because it failed to sufficiently demonstrate standing to commence the action.

Uncategorized 4th Circuit rules dual purpose auto loan is not covered by MLA

In a 2-1 decision, a Fourth Circuit ruled vehicle financing transactions including guaranteed asset protection plans are exempt from the Military Lending Ac. Jerry Davidson, an active-duty service member, purchased a car using a retail installment contract which also financed GAP coverage. Davidson argued the contract violated the MLA because it required arbitration and did not include required MLA disclosures.

Uncategorized Class action suit filed over Silicon Valley Bank collapse

Investors of Silicon Valley Bank sued former bank executives and underwriters, alleging SVB made misrepresentations in its public statements and filings with the SEC. According to the complaint, SVB concealed the magnitude of risks facing its business model resulting from the Fed raising the federal rate. SVB also allegedly concealed risks posed by potential increases to interest rates and related reduction n client merger and acquisition activity days later when the company issued registration statements.

Uncategorized U.S. Supreme Court rules federal courts have jurisdiction to hear challenges of FTC, SEC

In a unanimous decision written by Justice Elena Kagan, the U.S. Supreme Court ruled constitutional challenges to the structure of the FTC and SEC can be brought in federal court without first going through administrative appeals. Axon sued FTC alleging its administrative trial procedures and structure violated Axon’s due process rights and Article II of the U.S. Constitution.

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