The U.S. Court of Appeals for the Eighth Circuit recently affirmed summary judgment in favor of a bank that was sued by a putative class alleging discriminatory employment practices that supposedly violated Title VII of the Civil Rights Act of 1964 and the Iowa Civil…
Posts published in “Banking”
In a recent decision, the Ohio Court of Appeals considered the question whether, for the purpose of determining the applicable statute of limitations, an unsigned credit card agreement constituted a written or oral contract. In Ohio, the statute of limitations is eight years for a…
In a case of first impression, the Arizona Supreme Court recently addressed the question of when the statute of limitations commences on credit card debt that is subject to an optional acceleration clause. A copy of the opinion in Mertola, LLC v. Santos is available at: Link to…
On July 27, Gov. Bruce Rauner approved an amendment to Illinois’ Student Loan Servicing Rights Act. The legislation, HB 4397, passed unanimously in both chambers and becomes effective Dec. 31, 2018. The legislation amends the definition of “student loan servicer” in the Student Loan Servicing…
The U.S. Court of Appeals for the Sixth Circuit recently held that a consumer plaintiff’s breach of contract claim against a defendant bank failed where the bank processed the consumer’s transactions in accordance with the terms of the agreement with the consumer, even though the…
In a 5-4 ruling, the Supreme Court of the United States held that anti-steering provisions in agreements between a credit card company and merchants wishing to accept the card do not violate federal antitrust law. A copy of the opinion in Ohio v. American Express…
The U.S. Court of Appeals for the Seventh Circuit recently held that the minor child of a credit card account holder was not bound by the arbitration clause in the cardholder agreement because she did not become an authorized user of the account by using…
The U.S. Court of Appeals for the Ninth Circuit recently held that the National Bank Act (NBA) did not preempt California’s state escrow interest law, which requires financial institutions to pay at least 2 percent simple interest per annum on escrow account funds. In so…
The U.S. Court of Appeals for the Eleventh Circuit recently held that a bank could not enforce an arbitration clause inserted into an amended customer account agreement during the pending litigation incident to the sale and acquisition of the bank, because the plaintiff was actively…
The Court of Appeal of California, First District, recently held that an assignee of the original beneficiary of a deed of trust, as the current holder of an obligation, has the right under California Civil Code § 2941(b)(6) to prove damages against the title company…
The U.S. Court of Appeals for the Seventh Circuit recently affirmed the dismissal of a bank’s lawsuit against its insurer for breach of contract and bad faith denial of coverage, holding that the insurance policy’s exclusion for any claim based upon or arising from fees…
9th Cir. Limits Subsequent Good-Faith Transferee Exception in Bankruptcy Fraudulent Transfer Actions
9th Cir. Limits Subsequent Good-Faith Transferee Exception in Bankruptcy Fraudulent Transfer Actions
The U.S. Court of Appeals for the Ninth Circuit recently held that a debtor corporation’s sole shareholder and third parties who sold real property and services to the sole shareholder could be liable for fraudulent transfers. In so ruling, the Ninth Circuit held that the…