The U.S. Bankruptcy Appellate Panel for the Eighth Circuit vacated the bankruptcy court's order confirming a farm debtor's chapter 12 plan, concluding that the bankruptcy court erred by failing to hold an evidentiary hearing to determine the value of a bank's collateral where the collateral was disputed. The Panel also concluded that the bank needed to file a proof of claim.
Posts tagged as “Banking”
The Massachusetts Supreme Judicial Court recently affirmed a trial court’s judgment dismissing a relator’s claims alleging that the defendants, certain financial institutions, collectively engaged in and conspired to engage in fraud, holding that the suit was subject to the public disclosure bar of the Massachusetts False Claims Act.
The U.S. Court of Appeals for the Sixth Circuit recently held that a bank services agreement and its subsequent amendments were invalid to the extent that they materially changed the terms of the original agreement.
The U.S. Court of Appeals for the Sixth Circuit recently held that loans incurred by a debtor to pay university tuition were “qualified education loans” under the Bankruptcy Code and thus were not dischargeable.
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.
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.
The Northern District of Illinois recently denied a broker’s motion for a temporary restraining order and a preliminary injunction against the Financial Industry Regulatory Authority (FINRA) seeking to stop a scheduled remote arbitration hearing.
The Federal Deposit Insurance Corporation (FDIC) recently issued its Final Rule clarifying the “Permissible Interest on Transferred Loans.”
The Court of Appeals of California, Fourth District, recently held as a matter of law that banks owe no duty to depositors to monitor other depositors’ accounts for fraud.
The Office of the Comptroller of the Currency (OCC) recently issued its final rule clarifying the “Permissible Interest on Loans that are Sold, Assigned, or Otherwise Transferred”.
The U.S. Bankruptcy Appellate Panel for the Eighth Circuit recently affirmed a bankruptcy court’s holding that the contemporaneous exchange for new value defense to a preference action under § 547(c) applied to a creditor bank that released its liens for less than full payment.
The Massachusetts attorney general has adopted a regulation deeming it illegal for a debt collector to telephone a Massachusetts resident to request payment of a debt or for a debt collector or a creditor to file a lawsuit to collect a debt.