Mealey's Banking & Finance - Federal Judge Allows Bank's Successor To Intervene In Suit Over $5M Fraud Scheme

NEW HAVEN, Conn. - A Connecticut federal judge on Nov. 14 granted a bank's successor's motion to intervene on an insurer's cross-claims against co-defendants in a lawsuit seeking recovery of more than $5 million in missing bank cash (Known Litigation Holdings, LLC v. Navigators Insurance...

Mealey's Banking & Finance - Federal Judge Refuses To Grant Relief, Dismisses Claims Against Wells Fargo

DANVILLE, Va. - A Virginia federal judge on Nov. 17 dismissed the majority of a property owner's claims against a bank and a law firm in relation to the foreclosure of a property but allowed his claim for breach of the loan agreement to proceed (James T. Luther v. Wells Fargo Bank N.A., et al., No...

Mealey's Banking & Finance - 1st Circuit Certifies Foreclosure-Related Questions To State Court

BOSTON - The First Circuit U.S. Court of Appeals on Nov. 21 certified questions in relation to a dispute over the foreclosure of a property by a bank to the New Hampshire Supreme Court (Joseph Castagnaro v. The Bank of New York Mellon, No. 14-1195, 1st Cir.; 2014 U.S. App. LEXIS 21986).

Mealey's Banking & Finance - Judge Adopts Report Recommending Dismissal Of Case Against U.S. Bank

BAY CITY, Mich. - A Michigan federal judge on Nov. 24 adopted a magistrate judge's report and recommendation that a property owner's lawsuit against a bank should be dismissed, finding that he lacked standing and that his claims for violation of the Truth in Lending Act (TILA) and Federal Real...

Mealey's Banking & Finance - Judge Declines To Dismiss Unfair Competition Claim In Mortgage Payment Dispute

SAN FRANCISCO - A federal judge in California on Nov. 20 declined to dismiss a suit accusing a financial institution of violating the state's unfair competition law (UCL) by failing to accept timely mortgage payments, saying the plaintiff supported all his claims (Fernando Morales v. Nationstar Mortgage...

Mealey's Banking & Finance - Federal Judge Finds Ruling For Banks Did Not Violate Bankruptcy Stay

BOISE, Idaho - After finding that an order granting summary judgment for several banks and mortgage entities was not entered in violation of an automatic stay related to a bankruptcy petition, an Idaho federal judge on Nov. 26 found that the order was not void and refused to reconsider the decision ...

Mealey's Banking & Finance - Federal Judge Dismisses Trustee's Predatory Lending Claim Against Wells Fargo

SAN FRANCISCO - After finding that the trustee for a property failed to properly plead claims for predatory lending, intentional infliction of emotional distress and other causes of action, a California federal magistrate judge on Nov. 29 granted a bank's motion to dismiss the claims but allowed...

Mealey's Banking & Finance - Federal Judge Finds FDCPA Claims Against Wells Fargo Are Barred

TOLEDO, Ohio - After finding that former property owners' claims for violation of the Fair Debt Collection Practices Act (FDCPA) and Ohio's Pattern of Corrupt Activities Act were barred by the doctrine of res judicata, an Ohio federal judge on Dec. 2 dismissed their claims against a bank as frivolous...

Mealey's Banking & Finance - Federal Judge Finds RESPA Claims Against Serving Firm Can Proceed

DAYTON, Ohio - After finding irrelevant a servicing firm's argument that the Real Estate Settlement Procedures Act (RESPA) did not apply because property owners did not live in the property when the alleged violations occurred, an Ohio federal judge on Dec. 2 refused to dismiss the case (William...

Mealey's Banking & Finance - Federal Judge Finds Action To Set Aside Foreclosure Is Barred

TRENTON, N.J. - After finding that an action to set aside a foreclosure was barred by the entire controversy doctrine, a New Jersey federal judge on Dec. 3 granted a motion filed by several banks to dismiss the case (Tommy Guaba, et al. v. World Savings Bank, FSB, et al., No. 14-2408, D. N.J.; 2014 U...

Mealey's Banking & Finance - 5th Circuit Affirms Dismissal Of RESPA Foreclosure-Related Claims

NEW ORLEANS - The Fifth Circuit U.S. Court of Appeals on Dec. 3 affirmed a court's decision to grant summary judgment in favor of various banks in relation to the foreclosure of a property, finding that the property owner's claims for violation of the Real Estate Settlement Procedures Act (RESPA...

Mealey's Banking & Finance - 2nd Circuit Vacates Dismissal Of Property Owner's Fraud Claims

NEW YORK - The Second Circuit U.S. Court of Appeals on Dec. 5 found that a district court erred in finding that a former property owner's fraud claims against banks should be dismissed as barred by the doctrine established in Rooker-Feldman, vacating the ruling and ordering that the claims be remanded...

Mealey's Banking & Finance - U.S. High Court Hears Arguments In Case Over Appealing LIBOR Suit

WASHINGTON, D.C. - A dismissal of a lawsuit by a trial court and a statement that the case was terminated render the case appealable, Thomas C. Goldstein of Goldstein & Russell in Bethesda, Md., argued Dec. 9 before the U.S. Supreme Court (Ellen Gelboim and Linda Zacher, et al. v. Bank of America...

Mealey's Banking & Finance - Lender Sanctioned For Failure To Provide Accurate Loan Rate Information

WILMINGTON, Del. - Citing a lending firm's "series of evolving explanations about why" information required in two discovery orders was not fully provided, a Delaware Chancery Court vice chancellor on Dec. 5 granted a motion for sanctions brought by the lead plaintiff in a Truth in Lending...

Mealey's Banking & Finance - 3rd Circuit: Employee's Dodd-Frank Retaliation Claim Must Be Arbitrated

PHILADELPHIA - An employee's claim of whistle-blower retaliation under the Dodd-Frank Act is subject to arbitration, the Third Circuit U.S. Court of Appeals ruled Dec. 8, upholding a trial court ruling (Boris Khazin v. TD Ameritrade Holding Corporation, et al., No. 14-1689, 3rd Cir.; 2014 U.S. App...

Mealey's Banking & Finance - Judge Refuses Leave To Amend Foreclosure-Related Claims Against Lenders

FRESNO, Calif. - After finding that new claims asserted by a plaintiff against banks have already been submitted and rejected, a California federal judge on Dec. 10 refused to grant him leave to amend his complaint (Philip Koenig v. Bank of America, N.A., No. 1:13-cv-0693, E.D. Calif.; 2014 U.S. Dist...

Mealey's Banking & Finance - 9th Circuit Affirms Dismissal Of TILA And Fraud Claims Against Banks

PASADENA, Calif. - After finding that a claimant's claims for violation of the Truth in Lending Act (TILA), fraud and other claims lacked particularity or were time-barred, the Ninth Circuit U.S. Court of Appeals on Dec. 12 affirmed dismissal of the case (Olasumbo Titilola Ajetunmobi v. Clarion Mortgage...

Mealey's Banking & Finance - Federal Judge Dismisses Case Alleging Improper Securitization Of Loan

SAN FRANCISCO - A federal judge in California on Dec. 12 dismissed a case alleging that the transfer of a deed of trust and promissory note securing a mortgage were improperly securitized, saying that the plaintiff's theories do not support any of her claims, including one brought under the state's...

Mealey's Banking & Finance - Judge Denies Dismissal Of Class Complaint Against Bitcoin Miner Manufacturers

PHILADELPHIA - A Pennsylvania federal judge on Dec. 10 found that a putative class of consumers had met the minimum damages threshold under the Class Action Fairness Act (CAFA) to permit their fraud and unfair trade claims against a bitcoin miner manufacturer to proceed, denying a motion to dismiss ...

Mealey's Banking & Finance - Wells Fargo Seeks Stay Of $203M Restitution Award In Debit-Transaction Case

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on Dec. 11 denied a petition for a panel rehearing and a petition for rehearing en banc in a case in which the court affirmed a district court's award of restitution and denial of prejudgment interest in a case alleging that Wells Fargo Bank...

Mealey's Banking & Finance - Iowa Court Finds Warranty Does Not Extend To Bank Seeking Mold-Related Costs

DES MOINES, Iowa - In a majority ruling, the Iowa Supreme Court on Dec. 12 found that the implied warranty of workmanlike construction did not extend to a bank that sought to recover costs related to a mold infestation in an apartment complex it acquired through foreclosure (Luana Savings Bank v. Pro...

Mealey's Banking & Finance - Federal Judge Finds RESPA Claims Fail, Dismisses Case Against Bank

ST. LOUIS - After finding that a claimant failed to properly assert his cause of action against a bank for violation of the Real Estate Settlement Procedures Act (RESPA), a federal judge on Dec. 15 refused the plaintiff's request to proceed in forma pauperis and dismissed the case (Moreh J. Buchanan...

Mealey's Banking & Finance - 11th Circuit Reverses Dismissal Of RESPA Claim Against Banks

ATLANTA - The 11th Circuit U.S. Court of Appeals on Dec. 16 affirmed the dismissal of a property owner's complaint against a bank, but reversed the dismissal of his claim for violation of the Real Estate Settlement Procedures Act (RESPA) (Steven Thomason v. One West Bank, et al., No. 13-11987, 11th...

Mealey's Banking & Finance - Federal Judge Refuses To Withdraw Claims From Bankruptcy Court

NEW YORK - Although claimants asserted non-bankruptcy claims for violation of the Truth In Lending Act (TILA) and the Real Estate Settlement Procedures Act, a New York federal judge on Dec. 18 found that proofs of claim asserted against a bankruptcy entity should be decided by a bankruptcy court (Ronald...

Mealey's Banking & Finance - 9th Circuit Affirms Dismissal Of Wrongful Foreclosure Action

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on Dec. 18 affirmed a court's dismissal of a wrongful foreclosure action, finding that the former property owner failed to state a claim under the Home Affordable Modification Program (HAMP) (Rodolfo Velasquez v. Chase Home Financial LLC, et...