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786 F.3d 246 *; 2015 U.S. App. LEXIS 8483 **
SALIHA MADDEN, on behalf of herself and all others similarly situated, Plaintiff-Appellant, v. MIDLAND FUNDING, LLC, MIDLAND CREDIT MANAGEMENT, INC., Defendants-Appellees.
Subsequent History: As Corrected May 27, 2015.
Later proceeding at Midland Funding, LLC v. Madden, 136 S. Ct. 1484, 194 L. Ed. 2d 547, 2016 U.S. LEXIS 2039 (U.S., Mar. 21, 2016)
US Supreme Court certiorari denied by Midland Funding, LLC v. Madden, 136 S. Ct. 2505, 195 L. Ed. 2d 839, 2016 U.S. LEXIS 4211 (U.S., June 27, 2016)
On remand at, Summary judgment granted, in part, summary judgment denied, in part by, Class certification granted by Madden v. Midland Funding, LLC, 237 F. Supp. 3d 130, 2017 U.S. Dist. LEXIS 27109 (S.D.N.Y., Feb. 27, 2017)
Motion granted by, Settled by, Costs and fees proceeding at, Dismissed by In re Midland Funding, LLC Interest Rate Litig., 2019 U.S. Dist. LEXIS 156255 (S.D.N.Y., Sept. 10, 2019)
Prior History: [**1] Appeal from the United States District Court for the Southern District of New York. No. 7:11-cv-08149 — Cathy Seibel, Judge.
Disposition: Appeal from an order of the United States District Court for the Southern District of New York (Cathy Seibel, Judge), holding that the plaintiff's claims are preempted by the National Bank Act, denying class certification, and granting judgment in favor of the defendants. We hold that non-national bank entities are not entitled to protection under the National Bank Act from state-law usury claims merely because they are assignees of a national bank.
Accordingly, we REVERSE the District Court's holding as to National Bank Act preemption, VACATE the District Court's judgment and denial of class certification, and REMAND for further proceedings consistent with this opinion.
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Banking Law, Types of Banks & Financial Institutions, National Banks, General Overview, Constitutional Law, Supremacy Clause, Federal Preemption, Supreme Law of the Land, Interest & Usury, Affiliates & Subsidiaries, Loans, Bank Powers