LexisNexis® Legal Newsroom
Mealey's Banking & Finance - $97.5M Settlement Preliminarily Approved, Settlement Hearing Set In JCPenney Securities Suit

TYLER, Texas - A Texas federal judge on July 24 preliminarily approved a $97.5 million settlement on claims that retailer JCPenney Co. Inc. and certain of its executive officers misrepresented the company's business and financial condition in violation of federal securities laws and scheduled a settlement...

Mealey's Banking & Finance - Federal Judge Grants Motion To Dismiss Securities Suit Against Energy Company

SAN JOSE, Calif. - A California federal judge on Aug. 11 granted a motion to dismiss a securities class action lawsuit filed against a solar energy company and certain of its executive officers after determining that the plaintiffs failed to adequately allege falsity and scienter (In re SolarCity Corp...

Mealey's Banking & Finance - Former Loan Servicer Can Be Liable For Misapplied Mortgage Payments, Judge Says

EUGENE, Ore. - A couple's former loan servicer can be held liable for violating the Real Estate Settlement Procedures Act (RESPA) and other state laws for misapplying their monthly mortgage payments, a federal judge in Oregon ruled Aug. 14, finding that a couple sufficiently stated claims against...

Mealey's Banking & Finance - Federal Judge Says Securities Violation Suit Filed Within Statute Of Limitations

NEW YORK - A New York federal judge on Aug. 14 denied a motion to dismiss filed by seven defendants in a suit alleging violations of the Securities Exchange Act after determining that the suit was filed within the act's two-year statute of limitations (Eton Park Fund L.P., et al. v. American Realty...

Mealey's Banking & Finance - 5th Circuit Reinstates Challenge Of Foreclosure, Finds 2 Rulings Changed Texas Law

NEW ORLEANS - A Fifth Circuit U.S. Court of Appeals panel on Aug. 15 partially reversed a trial court's decision and ruled that Wood v. HSBC Bank USA, N.A., 505 S.W.3d 542 (Tex. 2016), and Garofolo v. Ocwen Loan Servicing, L.L.C., 497 S.W.3d 474 (Tex. 2016), constitute intervening changes in law...

Mealey's Banking & Finance - Judge Limits Man's Claims Stemming From Foreclosure Notice, Letter Verifying Debt

DETROIT - A federal judge in Michigan on Aug. 18 ruled that a man can pursue certain claims under the Fair Debt Collection Practices Act (FDCPA) and its state law equivalent over a debt collector's debt verification letter and publication of a foreclosure notice (Timothy A. Thebert v. Potestivo &...

Mealey's Banking & Finance - Judge Dismisses Wrongful Foreclosure Suit, Rejects Plaintiff's 'Flawed Theories'

SAN DIEGO - Finding that a plaintiff has failed to allege an actionable flaw in the process leading to the foreclosure sale of his property, a California federal judge on Aug. 18 dismissed his declaratory judgment and wrongful foreclosure lawsuit (Daniel W. Golden v. JPMorgan Chase Bank, N.A., et al...

Mealey's Banking & Finance - Judge Finds Borrowers Lack Standing To Challenge Nonjudicial Foreclosure

LAS VEGAS - A Nevada federal judge on Aug. 21 granted a motion filed by two loan servicers to dismiss claims asserted by borrowers in relation to a threatened foreclosure, finding that the borrowers failed to state any plausible claims and that they lacked standing to challenge a foreclosure that has...

Mealey's Banking & Finance - Panel Affirms $9.1M Award In Favor Of Excess Insurer In Equitable Indemnity Dispute

CINCINNATI - The Sixth Circuit U.S. Court of Appeals on Aug. 23 held a primary insurer liable under the principles of equity to reimburse an excess insurer for the defense costs it was ordered to pay to their insured in connection with an underlying lawsuit arising from a failed real estate project,...

Mealey's Banking & Finance - 11th Circuit Affirms Dismissal Of TILA Claims Against JP Morgan Chase

ATLANTA - The 11th Circuit U.S. Court of Appeals on Aug. 25 affirmed a district court's order dismissing a complaint filed by a borrower against a bank, finding that the borrower's claims for violation of the Truth in Lending Act (TILA) were not valid (Alexander Harvin v. JP Morgan Chase Bank...

Mealey's Banking & Finance - Borrower Files Class Action, Claims Wells Fargo Wrongly Charged Interest Fees

SAN FRANCISCO - A first-time homebuyer on Aug. 28 filed a class action complaint in a California federal court, alleging that Wells Fargo & Co. violated the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) by wrongly charging borrowers mortgage interest rate-lock...

Mealey's Banking & Finance - Judge Strikes Affirmative Defense In Dispute Over Insurer, Reinsurer Scheme

PHILADELPHIA - In a dispute over an alleged kickback insurance premium scheme involving insurers, reinsurers and lenders, a Pennsylvania federal judge on Aug. 24 struck an affirmative defense that homeowners' claims are barred because they paid mortgage insurance rates filed with and approved by...

Mealey's Banking & Finance - Judge Finds Borrower Has Standing, Dismisses Claims Against Loan Servicer

FORT LAUDERDALE, Fla. - A Florida federal judge on Aug. 28 dismissed all of a borrower's claims asserted against the servicer of his mortgage in relation to his requests for information on the loan but allowed him leave to amend his claims for violation of the Real Estate Settlement and Procedures...

Mealey's Banking & Finance - Judge Dismisses RICO Claims, Finds Lenders Did Not Defraud Company

SAN DIEGO - After finding that lenders did not intentionally defraud a company in relation to payments for insurance and taxes that were not made into an escrow account, California federal judge on Aug. 30 dismissed the company's claims for violation of the Racketeer Influenced and Corrupt Organizations...

Mealey's Banking & Finance - Judge Denies Insolvent Insurer's Bid For Defense Costs Based On Underlying Settlement

KANSAS CITY, Kan. - A Kansas federal judge on Aug. 29 overruled an insolvent directors and officers (D&O) insurer's request for litigation-related fees and costs pursuant to an underlying settlement agreement between a bank's receiver and the bank's directors and officers (BancInsure...

Mealey's Banking & Finance - Panel Finds Freddie Mac Owns Foreclosed Property Purchased Through HOA

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on Aug. 31 affirmed a district court's ruling in favor of a lender, finding that a foreclosure law preempted Nevada law that had previously extinguished the lender's interest in a foreclosure property that was purchased through a homeowners'...

Mealey's Banking & Finance - Judge Finds Federal Court Has Jurisdiction Over UCL, Breach Of Contract Claims

SACRAMENTO, Calif. - After finding that complete diversity jurisdiction exists and that the amount in controversy requirement was met, a California federal judge on Sept. 5 refused to remand claims for violation of California's unfair competition law (UCL) and breach of contract asserted by borrowers...

Mealey's Banking & Finance - Federal Judge Refuses To Vacate Dismissal Of RESPA, FDCPA Claims

SEATTLE - After finding that a motion to vacate was untimely and failed to identify any error in a previous ruling, a Washington federal judge on Sept. 6 denied a motion filed by borrowers to vacate an order dismissing their claims related to a loan modification against several lenders (David R. Gelinas...

Mealey's Banking & Finance - Judge Finds No Support For UCL Claim Against Chase, Grants Dismissal

SAN JOSE, Calif. - After finding that a borrower failed to allege facts to support his claims for violation of California's unfair competition law (UCL) and civil code, a California federal judge on Sept. 6 granted a bank's motion to dismiss the claims with leave to amend (Chris Monet v. JPMorgan...

Mealey's Banking & Finance - Panel Finds Foreclosure Claims Against Ocwen Are Barred By Res Judicata

ATLANTA - A panel of the 11th Circuit U.S. Court of Appeals on Sept. 7 affirmed a trial court's decision, finding that it did not err in refusing to remand and dismissing a borrower's claims related to the foreclosure of his property (Derek Quinn v. Ocwen Loan Servicing LLC, et al., No. 16-17442...

Mealey's Banking & Finance - Judge Rejects Request For Oversight Of Chase's Actions Related To Loans

NEW YORK - After finding that several lenders failed to demonstrate a likelihood of harm, a New York federal judge on Sept. 11 denied their request for a preliminary injunction, seeking court oversight or the the appointment of a special master to oversee a bank's actions in relation to loans that...

Mealey's Banking & Finance - Judge: UCL Claims Against Wells Fargo For Collection Of Interest Can Stand

OAKLAND, Calif. - After finding that the majority of a borrower's claims for violation of California's unfair competition law (UCL) in relation to a bank's collection of mortgage post-payment interest were properly pleaded, a California federal judge on Sept. 11 denied the majority of the...

Mealey's Banking & Finance - Anti-Injunction Act Bars Request For Order Preventing Foreclosure, Judge Finds

GREENVILLE, S.C. - After finding that a borrower's request for an injunction barring lenders from taking any foreclosure-related action against her property was prohibited by the Anti-Injunction Act, a South Carolina federal judge on Sept. 14 adopted a magistrate's judge's recommendation...

Mealey's Banking & Finance - Fannie Mae Violated Mortgage By Accelerating Loan, Federal Judge Rules

PROVIDENCE, R.I. - After finding that a lender breached the terms of a mortgage, a Rhode Island federal judge on Sept. 15 denied its counterclaim for an order allowing judicial foreclosure and granted summary judgment in favor of the borrowers (Nancy A. Boynton, et al. v. Federal Housing Finance Agency...

Mealey's Banking & Finance - Judge: Bank Has Right To Reimbursement From Insurer For Post-Merger Defense Costs

NEWARK, N.J. - A New Jersey federal judge on Sept. 18 found that a bank involved in a corporate merger has a right to reimbursement under a directors and officers liability insurance policy for its post-merger defense costs vis-a-vis the independent directors involved in a shareholder class action (BCB...