Reform Act Bars Borrowers' Claims, 1st Circuit Finds

BOSTON - The First Circuit U.S. Court of Appeals on Aug. 16 affirmed a district court's ruling in favor of U.S. Bank National Association, which acquired a loan from a failed bank, finding that the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) bars claims brought by borrowers (Edimara Demelo, et al. v. U.S. Bank National Association, No. 12-2485, 1st Cir.; 2013 U.S. App. LEXIS 17056).

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