LexisNexis® Legal Newsroom
Mealey's Banking & Finance - Professional Liability Insurer Did Not Ratify Policy, 2nd Circuit Affirms

NEW YORK - The Second Circuit U.S. Court of Appeals on June 5 held that intervenors in a professional liability coverage dispute have failed to show that the insurer performed any act that ratified the insurance policy, affirming a lower court's ruling rescinding the policy because the insured made...

Mealey's Banking & Finance - 9th Circuit Refuses To Vacate Ruling Dismissing TILA Rescission Claim

PASADENA, Calif. - The Ninth Circuit U.S. Court of Appeals on June 6 affirmed a trial court's decision not to vacate a ruling that granted dismissal in favor of a lender on a borrower's claims for violation of the Truth in Lending Act (TILA), finding that a borrower failed to show that the judgment...

Mealey's Banking & Finance - Judge Finds Wells Fargo Did Not Refuse Loan Assumption Based On Age

PITTSBURGH - A Pennsylvania federal judge on June 7 granted a motion filed by a bank to dismiss claims for discrimination and violation of housing law in relation to its refusal to approve an assumption agreement, finding that a resident of the property, who was attempting to assume the obligations of...

Mealey's Banking & Finance - Judge Dismisses RESPA Claim Against Wells Fargo For Failure To Respond

MIAMI - After a former property owner failed to respond to a bank's motion for summary judgment on his claim for violation of the Real Estate Settlement Procedures Act (RESPA), a Florida federal judge on June 12 entered a default ruling against him and entered judgment in favor of the bank (Francisco...

Mealey's Banking & Finance - 8th Circuit Affirms Decision Finding Loan Was Not Dischargeable Due To Fraud

ST. LOUIS - The Eighth Circuit U.S. Court of Appeals on June 14 affirmed a bankruptcy court's ruling in favor of a credit union, finding that a mortgage loan was not dischargeable due to fraud committed by the borrower (In re: Michael John Hernandez, debtor, Michael John Hernandez v. General Mills...

Mealey's Banking & Finance - Panel Affirms Bankruptcy Court Ruling Dismissing UCL Claims Against Lenders

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on June 15 affirmed a bankruptcy court's ruling in favor of various lenders, finding that borrowers lacked standing to assert claims for violation of California's unfair competition law (UCL) and that their breach of contract claims failed...

Mealey's Banking & Finance - 10th Circuit Finds TILA Claims Are Precluded By Previous Lawsuit

DENVER - After finding that former property owners were aware of the facts underlying their claim for violation of the Truth in Lending Act (TILA) as early as 2011, the 10th Circuit U.S. Court of Appeals on June 16 affirmed a decision that their claims were precluded by a previous state court lawsuit...

Mealey's Banking & Finance - California Court Finds Borrower Lacked Standing To Assert UCL Claim

RIVERSIDE, Calif. - A California appeals court on June 16 affirmed a trial court's dismissal of a borrower's claims for violation of California's unfair competition law (UCL), breach of contract and negligent misrepresentation, finding that he lacked standing and that he was not a party to...

Mealey's Banking & Finance - 'Insured Vs. Insured' Exclusion Bars Coverage For Trustee's Breach Of Fiduciary Suit

CINCINNATI - A majority of the Sixth Circuit U.S. Court of Appeals on June 20 held that a management liability insurance policy's "insured-versus-insured" exclusion bars coverage for a liquidation trustee's $18.8 million breach of fiduciary lawsuit against officers of the bankrupt holding...

Mealey's Banking & Finance - 8th Circuit Affirms Decision, Finds No Challenge To Foreclosure Of Property

ST LOUIS - The Eighth Circuit U.S. Court of Appeals on June 20 affirmed a trial court's decision to grant judgment in favor of lenders and loan servicers on claims for tortious interference and violation of Missouri law, finding that a former property owner failed to make any argument that a foreclosure...

Mealey's Banking & Finance - High Court Refuses To Review Constitutionality Of Nevada Housing Law

WASHINGTON, D.C. - The U.S. Supreme Court on June 26 denied a trust's petition for certiorari, refusing to review an appeals court's decision finding that a Nevada housing statute is unconstitutional (Bourne Valley Court Trust v. Wells Fargo Bank, N.A., No. 16-1208, U.S. Sup.).

Mealey's Banking & Finance - Split High Court" American Pipe Doesn't Extend Shareholders' Filing Limits

WASHINGTON, D.C. - A securities class action lawsuit filed by shareholders after opting out of a settlement class against the same defendants was untimely and properly dismissed, a split U.S. Supreme Court ruled June 26, finding that American Pipe & Construction Co. v. Utah, 414 U.S. 538 (1974),...

Mealey's Banking & Finance - U.S. High Court Will Decide On Reach Of Dodd-Frank's Whistleblower Provision

WASHINGTON, D.C. - The U.S. Supreme Court on June 26 agreed to decide whether the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010's whistleblower provision extends to individuals who have not reported the alleged misconduct to the Securities and Exchange Commission (Digital Realty...

Mealey's Banking & Finance - Judge Denies Loan Servicer's Request For Amended Answers On Payments

TAMPA, Fla. - After finding that interrogatories sought by a loan servicer were improper, a Florida federal judge on June 27 denied a request to compel a homeowner, who alleges that the servicer violated the Fair Debt Collection Practices Act (FDCPA) and other laws when it improperly reported that he...

Mealey's Banking & Finance - Judge Grants Dismissal For U.S. Bank, Allows Amendment Of RESPA Claim

ALEXANDRIA, Va. - A Virginia federal judge on June 28 granted a bank's motion to dismiss claims for violation of the Dodd-Frank Wall Street Reform ad Consumer Protection Act of 2010, finding that sources of applicable law that a borrower asserted the bank and a trustee breached were not enacted at...

Mealey's Banking & Finance - Panel Finds Borrower's Claims Against Wells Fargo Are Barred By Abatement

VENTURA, Calif. - A California appeals panel on June 28 affirmed a trial court's decision to sustain a bank's demurrer to a complaint filed by a former homeowner who sought to set aside a foreclosure, finding that she had already asserted identical claims in another lawsuit (Lynn Behrens Zimmerman...

Mealey's Banking & Finance - 9th Circuit Finds Assignment Was Not Void, Affirms Dismissal For Nationstar

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on June 30 affirmed a ruling in favor of a loan servicer, finding that a borrower who alleged that an assignment of her mortgage was void failed to state a plausible claim for relief (Frances Ryan v. Nationstar Mortgage LLC, No. 15-15442, 9th Cir...

Mealey's Banking & Finance - Judge Dismisses UCL, FDCPA Claims For Lack Of Standing To Challenge Assignment

SACRAMENTO, Calif. - A California federal judge on June 29 dismissed a borrower's claims for violation of California's unfair competition law (UCL), negligence and other claims, finding that she lacked standing to challenge an allegedly untimely assignment of the loan into a trust (Roberta Thrower...

Mealey's Banking & Finance - California Panel Affirms Dismissal Of UCL, Wrongful Foreclosure Claims

SAN FRANCISCO - A California appeals panel on June 30 affirmed a trial court's decision in favor of lenders and loan servicers, finding that borrowers failed to show that various lenders and trusts lacked the authority to foreclose because a transfer of the note was void (Masazumi Inoue, et al. v...

Mealey's Banking & Finance - Consumer Financial Protection Bureau Issued Updates On TILA

WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) on July 7 announced that it has finalized updates to its "Know Before You Owe" mortgage disclosure rule.

Mealey's Banking & Finance - 6th Circuit Affirms Dismissal Of City's Nuisance Claims Against Wells Fargo

CINCINNATI - In a majority ruling, the Sixth Circuit U.S. Court of Appeals on July 11 affirmed a district court's ruling dismissing a claim for public nuisance in relation to a lender's alleged abandonment of its foreclosed properties, finding that the city of Cincinnati failed to assert allegations...

Mealey's Banking & Finance - Judge Orders Successors In Interest To File Motion To Substitute

SAN DIEGO - A California federal judge on July 12 refused to rule on a loan-servicing company's motion to dismiss claims for violation of California's unfair competition law (UCL) and the Real Estate Settlement Procedures Act (RESPA) until the parties move to substitute the deceased plaintiff...

Mealey's Banking & Finance - 9th Circuit Finds Court Did Not Err In Dismissing UCL, Foreclosure Claims

SAN FRANCISCO - After finding that borrowers failed to show that two banks violated California's unfair competition law (UCL) or wrongfully foreclosed on their property, the Ninth Circuit U.S. Court of Appeals on July 13 affirmed a district court's dismissal of their complaint (Brock Williams...

Mealey's Banking & Finance - 11th Circuit Affirms Dismissal Of Claims Against Lenders For Improper Service

ATLANTA - After finding no reversible error, the 11th Circuit U.S. Court of Appeals on July 13 affirmed a trial court's dismissal of borrowers' claims for violation of the Truth in Lending Act (TILA) and other causes of action based on improper service and failure to state a claim (Christopher...

Mealey's Banking & Finance - Judge Finds TILA Claims Are Barred By State Foreclosure Case

TRENTON - After finding that a borrower's claims for violation of the Truth in Lending Act (TILA) were barred by a previous state court foreclosure case, a New Jersey federal judge on July 19 granted a loan-servicing company's motion to dismiss the case (Ariel Barel v. Green Tree Servicing, LLC...