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Posts published in “Banking”

9th Cir. Upholds Denial of Class Cert. in ‘Wage and Hour’ Case Against Bank

In a putative class action against a bank for alleged underpayment of overtime wages, the U.S. Court of Appeals for the Ninth Circuit recently held the use of a potentially improper pay structure was not evidence of harm in every instance, and thus the predominance requirement provided for in Fed. R. Civ. Pro. 23(b)(3) necessary to certify a class action was not met.

9th Cir. Holds Nevada HOA ‘Superpriority Lien’ Statute Does Not Violate Takings or Due Process Clauses

The U.S. Court of Appeals for the Ninth Circuit recently held that the application of Nevada’s “superpriority lien” statute was not an uncompensated taking under the Takings Clause nor did it violate the Due Process Clause of the U.S. Constitution.

Illinois App. Court (1st Dist) Holds Bank Did Not Reasonably Rely on Borrowers’ Misrepresentations

The Illinois Court of Appeals for the First District recently held a bank was not justified in relying on borrowers’ misrepresentations made during a loan modification process, where the borrowers’ prior conduct presented the bank with reason to follow up on the borrowers’ misrepresentations, and the misrepresentations would not have been hard to discover.

Calif. App. Court (1st Dist) Rejects Claims Against Digital Currency Exchange Regarding Unsupported Currency

The Court of Appeals of California, First District, recently held that online digital currency exchange platforms have no obligation, in contract or in tort, to honor "forked" cryptocurrencies unless affirmatively provided for in a user agreement or otherwise.