LexisNexis® Legal Newsroom
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 - 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 - 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 - 5th Circuit Finds Loan Servicer Did Not Wrongfully Foreclose Property

NEW ORLEANS - The Fifth Circuit U.S. Court of Appeals on July 21 affirmed a district court's decision to grant summary judgment in favor of a loan servicer, finding that it did not breach a contract when it foreclosed on a property and that it did not fraudulently cancel an insurance policy on the...

Mealey's Banking & Finance - 7th Circuit Finds Borrower's Claims Are Barred By Foreclosure

CHICAGO - The Seventh Circuit U.S. Court of Appeals on Aug. 1 rejected a former property owner's appeal of a ruling dismissing his amended complaint against a trustee and loan servicer, finding that his claims were precluded by a previous state court foreclosure action (Derick L. Berry v. Wells Fargo...

Mealey's Banking & Finance - 2nd Circuit Finds No Support For HBOR, Fraud Claims, Affirms Dismissal

NEW YORK - After finding that a borrower failed to state a cognizable claim for fraud or violation of California housing law, the Second Circuit U.S. Court of Appeals on Aug. 1 affirmed a district court's dismissal of her case without leave to amend (Lovella Horton v. Wells Fargo Bank, N.A., et al...

Mealey's Banking & Finance - Court Finds Judge Erred In Dismissing UCL, Wrongful Foreclosure Claims

SAN FRANCISCO - After finding that a borrower sufficiently alleged facts to support his claims for violation of California's unfair competition law (UCL) and wrongful foreclosure against two lenders, a California appeals panel on Aug. 2 reversed a decision granting dismissal of his claims against...

Mealey's Banking & Finance - Lender Enters $74M Settlement To Resolve False Claims Act Violations

NEW YORK - The U.S. Department of Justice (DOJ) on Aug. 8 announced that several mortgage lenders have entered a $74,453,802 settlement with it, resolving allegations that the lenders violated the False Claims Act when they originated loans that did not meet applicable requirements.

Mealey's Banking & Finance - 1st Circuit Finds HSBC, Wells Fargo Had Authority To Foreclose

BOSTON - After finding that a bank had the authority to foreclose on a property, the First Circuit U.S. Court of Appeals on Aug. 8 affirmed a district court's dismissal of claims asserted against two banks by borrowers who sought to prevent a foreclosure (Christopher Hayden, et al. v. HSBC Bank USA...

Mealey's Banking & Finance - Panel Finds Ocwen Did Not Violate RESPA When It Denied Information Request

ATLANTA - After finding that a loan servicer was not required to provide a borrower with the contact information for the owner of the borrower's loan, the 11th Circuit U.S. Court of Appeals on Aug. 8 affirmed dismissal of his claims for violation of the Real Estate Settlement Procedures Act (RESPA...

Mealey's Banking & Finance - 11th Circuit Affirms Dismissal Of Federal Mortgage Complaint Under Rooker-Feldman

ATLANTA - Calling it "an unfortunate case," an 11th Circuit U.S. Court of Appeals panel on Aug. 11 affirmed the dismissal of a federal mortgage lending complaint, noting that under the Rooker-Feldman doctrine, it was prevented from reviewing Florida courts' erroneous prior rulings upholding...

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 - 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 - 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 - 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 - Panel Finds Foreclosure Case Did Not Trigger Statute Of Limitations

ATLANTA - After determining that a property foreclosure never actually occurred, the 11th Circuit U.S. Court of Appeals on Sept. 26 affirmed a district court's decision dismissing a complaint filed by borrowers seeking injunctive relief against various lenders (Jorge E. Espinoza v. Countrywide Home...

Mealey's Antitrust/Unfair Competition - ACA, UCL Claims Against Health Care Provider Survive In Transgender Case

SAN DIEGO - Allegations that an emergency health care provider touted its compassion toward those with gender dysphoria and then repeatedly referred to a transgender boy as female support his mother's Patient Protection and Affordable Care Act (ACA) and California unfair competition law claims, a...

Mealey's Banking & Finance - 1st Circuit Affirms Dismissal Of Borrower's Predatory Lending Claim

BOSTON - The First Circuit U.S. Court of Appeals on Sept. 29 affirmed a district court's decision to dismiss a borrower's claim for violation of Massachusetts' predatory lending law, finding that the claim was barred by a five-year statute of limitations (John Rife v. One West Bank, F.S.B...

Mealey's Banking & Finance - 9th Circuit Finds Lender's Actions Did Not Cause Injury To Property Owners

SEATTLE - The Ninth Circuit U.S. Court of Appeals on Oct. 5 rejected an appeal of a court's decision to dismiss their claims against lenders under Washington law, finding that borrowers failed to show that any allegedly unfair actions committed by the lenders caused them to suffer an injury (Stephanie...

Mealey's Banking & Finance - 11th Circuit Finds No Existence Of Loan Modification, Affirms Dismissal

ATLANTA - The 11th Circuit U.S. Court of Appeals on Oct. 10 affirmed a district court's dismissal of claims for discrimination and breach of contract asserted by a borrower in relation to an alleged loan modification, finding that a lender and loan servicer never offered a modification (Angela Molina...