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Posts tagged as “Banking”

2nd Cir. Affirms Dismissal of RICO, Antitrust, Other Claims Arising from Alleged LIBOR Manipulation

After nearly a decade of litigation, the U.S. Court of Appeals for the Second Circuit recently affirmed the dismissal of a putative class action brought against more than 20 international financial institutions alleging a conspiracy to manipulate Yen-LIBOR and Euroyen TIBOR rates.

Calif. App. Court (1st Dist) Allows Private State False Claims Action for Failure to Report and Deliver Escheated Property

The California Court of Appeal, First District, recently held that a qui tam plaintiff may pursue a California False Claims Act (CFCA) action predicated on a bank’s failure to report and deliver escheated property, even if the California State Controller does not provide appropriate notice to the bank under California Code of Civil Procedure Section 1576.

7th Cir. Affirms Dismissal of Putative Class Action Alleging Excessive NSF Fees

The U.S. Court of Appeals for the Seventh Circuit recently affirmed a trial court's ruling that a credit union’s fee practices did not breach its contract with a customer. In so ruling, the Seventh Circuit held that the credit union did not make any promises not to use the "available balance" method to assess nonsufficient fund (NSF) fees or not to charge multiple fees when a transaction is presented to it multiple times. 

Calif. App. Court (1st Dist) Holds Late Fee Was ‘Unlawful Penalty’ Under Calif. Law, Vacates Arbitration Award in Lender’s Favor

The California Court of Appeal for the First Appellate District recently reversed a trial court's decision to affirm an arbitration award that upheld the validity of a late payment fee assessed to borrowers in the event of a borrower's default.

11th Cir. Holds Florida’s ‘Standard Search Logic’ Exception Did Not Save Incorrect Debtor Name in UCC-1s

The U.S. Court of Appeals for the Eleventh Circuit recently held that a bank did not perfect its security interest in a business debtor’s assets because the two UCC-1 Financing Statements filed with the Florida Secured Transaction Registry that failed to correctly name the debtor were “seriously misleading” under Florida Statute Section 679.5061(2), as the Registry does not implement a “standard search logic” necessary to trigger the safe harbor exception set forth in Florida Statute Section 679.5061(3).

11th Cir. Holds 1-Year Period for Disputing Wire Transfers Cannot Be Modified by Contract  

The U.S. Court of Appeals for the Eleventh Circuit recently held that, consistent with rulings as to an identical New York law, the one-year period to make a demand for a refund of a fraudulent wire transfer under Florida Statutes § 670.202 may be not modified by contract.