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Failed Bank's Directors Earn Partial Dismissal Of FDIC's Negligence Claims

FORT MYERS, Fla. - A federal judge in Florida on Aug. 8 partially dismissed a suit in which the Federal Deposit Insurance Corp. alleges that the directors of a failed bank negligently approved loans that were not repaid, holding that the FDIC did not ...read more

Federal Judge Reconsiders Aiding-And-Abetting Ponzi Claims Against Bank

WEST PALM BEACH, Fla. - In light of a recent 11th Circuit U.S. Court of Appeals opinion, a federal judge in Florida on Aug. 10 granted Wells Fargo Bank NA's motion to reconsider an order denying its motion to dismiss aiding and abetting claims related ...read more

Mealey's Financial Services Bulletin: Law Firm will Pay $25 Million to Settle Nadel Ponzi Scheme Charges

TAMPA, Fla. - A federal judge in Florida yesterday approved Holland & Knight LLP's agreement to pay $25 million to settle charges brought by the Securities and Exchange Commission that it helped hedge fund manager Arthur Nadel conduct a $168 million ...read more

Gibraltar Pays $65M To Settle Rothstein Ponzi Claims

FORT LAUDERDALE, Fla. - The trustee for a bankrupt feeder fund and the trustee of convicted Ponzi schemer Scott W. Rothstein's law firm have agreed to an amended $65 million settlement with Gibraltar Private Bank and Trust Co., a bank Rothstein is ...read more

Mealey's Financial Services Bulletin: Gibraltar Pays $65 Million to Settle Rothstein Ponzi Claims

FORT LAUDERDALE, Fla. - The trustee for a bankrupt feeder fund and the trustee of convicted Ponzi schemer Scott W. Rothstein's law firm have agreed to an amended $65 million settlement with Gibraltar Private Bank and Trust Co., a bank Rothstein is ...read more

Consumer Failed To State Claim For Relief In Debt Collection Suit, Judge Rules

MIAMI - Dismissal of a consumer's Fair Debt Collection Practices Act (FDCPA) 15 U.S.C.S. § 1692e, lawsuit against a law firm and one of its attorneys is proper because the consumer has failed to state a claim for relief, a federal judge in Florida ...read more

Judge Allows Majority Of Defenses In Mortgage Debt Collection Suit

TAMPA, Fla. - A federal judge in Florida on Oct. 15 granted in part and denied in part a consumer's motion to strike 14 defenses that were part of a debt collector's answer to the consumer's complaint that alleges that the debt collector's ...read more

Directors, Officers Say Business Judgment Rule Protects Them From Suit

FORT LAUDERDALE, Fla. - A company's directors and officers argued in a Florida federal court on Oct. 31 that shareholders have failed to show that the directors and officers have made any public statements that are violations of their fiduciary duty ...read more

Shareholder Says Presuit Demand Upon Company's Board Would Have Been Futile

FORT LAUDERDALE, Fla. - A shareholder told a Florida federal court on Nov. 30 that presuit demand upon a company's board of directors would have been futile because a majority of the board is not disinterested because they face a substantial likelihood ...read more

Panel: Pension Fund Failed To Plead Loss Causation In Securities Class Action

MIAMI - A federal judge in Florida did not err in dismissing a securities class action lawsuit against Strayer Education Inc. and certain of its executive officers because the lead plaintiff in the action failed to properly plead loss causation, an 11th ...read more

Taylor Bean Whitaker Trustee Seeks More Than $23M Reduction Of HUD, FHA Claim

JACKSONVILLE, Fla. - The plan trustee in the Chapter 11 bankruptcy of mortgage lender Taylor Bean & Whitaker Mortgage Corp. (TBW) on Dec. 18 moved in the U.S. Bankruptcy Court for the Middle District of Florida for approval of a settlement that would ...read more

Investor Allowed To Amend Complaint To Plead Diversity Jurisdiction

TAMPA, Fla. - A federal judge in Florida on Dec. 27 declined to exercise supplemental jurisdiction over a shareholder's breach of fiduciary duty claim against a medical company and others, but the judge allowed the shareholder to amend his complaint ...read more

Federal Judge Dismisses Collection Agency's Complaint Against Wells Fargo

MIAMI - A federal judge in Florida on Jan. 8 dismissed a collection agency's suit alleging breach of contract against Wells Fargo Bank N.A., ruling that an amended agreement between the parties did not give the collection agency the right of first ...read more

Federal Judge Denies Ponzi Investors' Setoff Request

TAMPA, Fla. - A federal judge in Florida on March 7 denied the request by defrauded investors in a Ponzi scheme for a setoff of funds, agreeing instead with the receiver for hedge funds used to perpetuate the scheme that the receiver is entitled to the ...read more

Shareholder Opposes Dismissal Of Lawsuit Against Directors And Officers

FORT LAUDERDALE, Fla. - A shareholder told a Florida federal court on March 6 that it sufficiently represents the interests of other shareholders in a suit against a company's directors and officers (Frederick Siegmund v. Xuelian Bian, et al., No ...read more

Federal Judge Approves TD Bank's $62M Settlement In Overdraft Litigation

MIAMI - A federal judge in Florida on March 18 approved TD Bank NA's $62 million settlement that will allow the bank to exit a multidistrict litigation in which class members allege that several banks manipulated the order of debit card transactions ...read more

Judge: FDIC Must Plead Separate Claims For Separate Transactions

TAMPA, Fla. - A federal judge in Florida on March 28 granted Commonwealth Land Title Insurance Co.'s motion for a more definite statement in a suit brought by the Federal Deposit Insurance Corp., finding that pleading breach of contract and declaratory ...read more

Federal Judge: Bank Properly Removed Credit Card Action

FORT MYERS, Fla. - A federal judge in Florida on March 4 denied a consumer"s motion to remand her suit arising from FIA Card Services N.A. (FIA) and Bank of America N.A. (BoA) billing her for her late husband"s credit card account, finding that ...read more

Rothstein Trustee Argues Chapter 7 Conversion Lacks 'Legitimate' Basis

FORT LAUDERDALE, Fla. - The Chapter 11 trustee in the bankruptcy of law firm Rothstein Rosenfeldt Adler (RRA) filed a brief on April 10 in the U.S. Bankruptcy Court for the Southern District of Florida objecting to a motion by various creditors who seek ...read more

Judge: Lead Plaintiffs Failed To Plead Federal Securities Law Claims

MIAMI - Lead plaintiffs in a securities class action lawsuit against a cruise line and several of its executive officers have failed to plead any of their federal securities law claims relating to the defendants' alleged issuance of false and misleading ...read more

Guarantor Must Pay Back Company's Loan, Federal Judge Rules

WEST PALM BEACH, Fla. - A federal judge in Florida on April 29 granted summary judgment to Branch Banking and Trust Co. (BB&T), which sued to recover on loans it acquired from a failed bank, finding that a guarantor "guaranteed that he would ...read more

Federal Judge Allows Expert Testimony In FDIC's Suit

TAMPA, Fla. - In a suit in which the Federal Deposit Insurance Corp., as the receiver for a failed bank, alleged that a law firm committed malpractice and breached its fiduciary duty to the bank in relation to a real estate acquisition, a federal judge ...read more

Wash. Federal Judge: Debt Collector Failed To Prove Dismissal Of TCPA Class Suit

SEATTLE - A debt collector failed to prove its motion to dismiss a Florida woman's class complaint that alleged repeated automated calls to her cellular phone violated federal law, a Florida federal judge ruled May 8 (Devon Meyer v. Receivables Performance ...read more

Federal Judge Denies Dismissal Of Claim From Loan Participation Action

FORT MYERS, Fla. - A federal judge in Florida on May 16 declined the request to dismiss a breach of the implied covenant of good faith and fair dealing claim from a suit arising from a loan participation agreement, disagreeing with the defendant bank's ...read more

Federal Judge Awards Default Judgment To Consumer In Debt-Collection Action

TAMPA, Fla. - A federal judge in Florida on May 21 entered a $2,000 default judgment in favor of a consumer, finding that she sufficiently alleged violations of the Fair Debt Collection Practices Act (FDCPA) and the Florida Consumer Collection Practices ...read more