LexisNexis® Legal Newsroom
Mealey's Banking & Finance - Judge Allows Deutsche Bank To Amend Claims Related To Default Notices

SAN DIEGO - A California federal judge on Jan. 5 granted a bank's request to assert counterclaims against borrowers and to add various counterdefendants to an action in which property owners assert claims for violation of California's unfair competition law (UCL), the Truth in Lending Act (TILA...

Mealey's Banking & Finance - Judge Finds UCL Claims Against Wells Fargo Fail For Lack Of Standing

SAN FRANCISCO - After finding that two borrowers failed to adequately plead their claims for violation of California's unfair competition law (UCL) and negligence, a California federal judge on Jan. 10 granted a motion to dismiss filed by Wells Fargo Bank N.A. (Michelle A. Graham, et al. v. Wells...

Mealey's Banking & Finance - Coverage Of Share Dispute Barred By 'Insured Vs. Insured' Exclusion, Panel Affirms

ST. LOUIS - The Eighth Circuit U.S. Court of Appeals on Jan. 11 affirmed a lower court's ruling that a directors and officers liability insurance policy's "insured vs. insured" exclusion bars coverage for an underlying share dispute brought against a closely held corporation and two...

Mealey's Banking & Finance - 3rd Circuit Finds Claims Against U.S. Bank Are Barred By Foreclosure Case

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on Jan. 12 affirmed a district court's decision to dismiss causes of action related to the assignment of a mortgage against a bank and a mortgage company, finding that the case was barred by the doctrine established in Rooker v. Fidelity Trust...

Mealey's Banking & Finance - Federal Judge Dismisses Foreclosure-Related Claims As Barred By Rooker-Feldman

CHICAGO - An Illinois federal judge on Jan. 17 granted a mortgage company's motion to dismiss foreclosure-related claims asserted by a former property owner, finding that the case was barred by a state court action (Fred Freeman v. Long Beach Mortgage Co., et al., No. 16-cv-4272, N.D. Ill.; 2017...

Mealey's Banking & Finance - Deutsche Bank To Pay $7.3B For Misleading Investors In Sale Of RMBS

WASHINGTON, D.C. - Deutsche Bank AG and its current and former subsidiaries and affiliates and ACE Securities Corp. will pay $7.2 billion in civil penalties and relief to homeowners and others to settle claims that it misrepresented investors regarding the investment quality of residential mortgage-backed...

Mealey's Banking & Finance - High Court Finds Clause Did Not Confer Federal Jurisdiction For Fannie Mae

WASHINGTON, D.C. - The U.S. Supreme Court on Jan. 18 reversed a decision granting judgment for the Federal National Mortgage Association (Fannie Mae) on claims related to a property foreclosure, finding that the sue-and-be-sued clause in a federal charter does not expressly confer jurisdiction on federal...

Mealey's Banking & Finance - Panel: Failure To Request Written Consent Before Settlement Negates Coverage

PASADENA, Calif. - The Ninth Circuit U.S. Court of Appeals on Jan. 19 found that a lower federal court properly applied California law in finding that a bank insured breached its professional liability insurance policy by failing to request or obtain the insurer's written consent before executing...

Mealey's Banking & Finance - 6th Circuit Finds RESPA And Foreclosure Claims Are Not Related

CINCINNATI - The Sixth Circuit U.S. Court of Appeals on Jan. 20 affirmed a district court's decision to dismiss a borrower's compulsory counterclaim of foreclosure, finding that a foreclosure case is not "logically related" to a claim for violation of the Real Estate Settlement Procedures...

Mealey's Banking & Finance - Court Reverses Order Striking Voluntary Dismissal, Affirms Award Of Fees

SAN DIEGO - A California appeals court on Jan. 20 affirmed a trial court's decision to award a mortgage company fees it incurred and an award of sanctions but reversed a ruling that the trial court lacked jurisdiction to strike her voluntary dismissal and enter judgment against her (Gwendolyn Wilson...

Mealey's Banking & Finance - Judge Grants Leave To Amend Claims Asserted Over Mortgage Transfer

NEW YORK - A New York federal judge on Jan. 24 granted a property owner leave to amend his complaint against various lenders in which he asserts causes of action related to the transfer of his mortgage, finding that the court could not yet adjudicate a pending motion to dismiss the case (Johnny IM v...

Mealey's Banking & Finance - 5th Circuit Finds Court Did Not Err In Calculating Loan Balance

NEW ORLEANS - The Fifth Circuit U.S. Court of Appeals on Jan. 23 affirmed a district court's decision in favor of CitiMortgage Inc., finding that the court did not err when it accepted the lender's calculation of what the balance on the loan was (Michael A. Maldonado v. CitiMortgage Inc., No...

Mealey's Banking & Finance - Federal Judge Remands Claims Related To Loan Modification Request

LOS ANGELES - A California federal judge on Jan. 24 granted a borrower's motion to remand his lawsuit in which he asserted numerous causes of action against a lender related to the denial of a loan modification, finding that the court lacked jurisdiction (David L. Tripp II v. Nationstar Mortgage...

Mealey's Banking & Finance - Federal Judge: No Coverage For Class Action Alleging Improper Overdraft Charges

INDIANAPOLIS - Because a financial institution insured's damages arose from improper overdraft charges and the fees that depositors incurred, they are excluded from coverage under its professional liability insurance policy, an Indiana federal judge ruled Jan. 26 (BancorpSouth Inc. v. Federal Insurance...

Mealey's Banking & Finance - Federal Judge Denies Requests For Injunction Barring Property Foreclosure

SAN FRANCISCO - A California federal judge on Jan. 30 denied a request for a preliminary injunction barring foreclosure of a property, finding that the owners of the house failed to show that they would likely succeed on the merits of the case (Stephen J. Millman, et al. v. Wilmington Savings Fund Society...

Mealey's Banking & Finance - Judge: Bermuda Insurers Violated Doctrine By Filing Suit Without Obtaining Leave

NEW YORK - A federal bankruptcy judge in New York on Jan. 31 held that errors and omissions insurers violated the Barton doctrine by filing proceedings against MF Global Holdings Ltd. (MFGH) in Bermuda without obtaining leave from the bankruptcy court (In re: Mf Global Holdings Ltd., et al., Chapter...

Mealey's Banking & Finance - California Court Finds No Facts To Support Claims Stemming From Loan Assignments

SACRAMENTO, Calif. - A California court on Feb. 1 affirmed a trial court's decision to dismiss numerous claims against several mortgage entities in relation to the assignment of a loan, finding that the borrowers failed to submit any cause of action to support the theories that they relied on (Andrew...

Mealey's Banking & Finance - 2nd Circuit Finds Duty Under RESPA Was Not Triggered, Affirms Ruling

NEW YORK - The Second Circuit U.S. Court of Appeals on Jan. 31 affirmed a bankruptcy court's finding that a mortgage company's statutory duty to respond to a request under the Real Estate Settlement Procedures Act (RESPA) was never triggered (Barry F. Mack v. Rescap Borrower Claim Trust, No....

Mealey's Banking & Finance - 8th Circuit Finds Class Member Lacks Standing To Challenge $25.7M Settlement

ST. LOUIS - The Eighth Circuit U.S. Court of Appeals on Feb. 8 found that a member of a class action lacked standing to appeal a district court's final approval of a $25,750,000 settlement of claims asserted against a bank in relation to fees it automatically charged for property inspections (Edward...

Mealey's Banking & Finance - Florida Federal Judge Allows FCCPA Claim Against Lender To Proceed

FORT LAUDERDALE, Fla. - A Florida federal judge on Feb. 6 dismissed claims for negligence and violation of the Real Estate Settlement Procedures Act (RESPA) against a bank in relation to a request for information but allowed a claim for violation of Florida consumer collection law to proceed (Loris B...

Mealey's Banking & Finance - Judge Refuses To Bifurcate Merits And Class Certification Discovery

CHICAGO - An Illinois federal judge on Feb. 9 denied a motion to bifurcate discovery issues in a case filed against lenders in relation to a property inspection, finding that bifurcating the issues could lead to additional disputes as to whether certain discovery requests related to merits or class certification...

Mealey's Banking & Finance - Federal Judge Allows Borrower's Foreclosure-Related Claims To Proceed

SACRAMENTO, Calif. - After finding that claims asserted by borrowers whose property was sold at a trustee's sale even though they allegedly received assurances from lenders that the loan was current were sufficiently pleaded, a California federal judge on Feb. 14 denied a lender's motion to dismiss...

Mealey's Banking & Finance - Judge: Securities Investment Adviser's Opinion On Mortgage Lending Practices Is Barred

RALEIGH, N.C. - Excluding a securities investment adviser's testimony because he is not qualified as an expert on mortgage lending practices and policies, a North Carolina federal judge ruled Feb. 14 that genuine issues of fact exist concerning negligence, breach of fiduciary duty and bad faith claims...

Mealey's Banking & Finance - Federal Judge Finds No Support For Discrimination Claim Against Lenders

BOSTON - A Massachusetts federal judge on Feb. 15 granted a motion filed by a loan servicer and a bank to dismiss the second amended complaint filed by a property owner, who alleged that she was denied a loan modification because she is a minority home owner, finding that she failed to sufficiently plead...

Mealey's Banking & Finance - 4th Circuit Affirms Dismissal Of False Claims Act Allegations Against Bank

RICHMOND, Va. - The Fourth Circuit U.S. Court of Appeals on Feb. 16 affirmed a district court's dismissal of claims for violation of the False Claims Act (FCA) against a bank, finding that a borrower failed to show that it was involved in a scheme that resulted in the submission of false claims ...