Archives: Financial Services Litigation

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D.C. Circuit Court Strikes Opt-Out Notice Requirement For Certain Faxes

On Friday, in a decision certain to please the business community as well as the Chair and new majority of the Federal Communications Committee, the D.C. Circuit struck down parts of the FCC’s October 30, 2014 Order, 29 F.C.C. Rcd. 13998 (FCC 14-164), requiring that solicited faxes (those sent with consent of the recipient) must … Continue Reading

What Do You Get for the Plaintiff Who Has Everything? Maybe a Class Action, Ruled The Seventh Circuit

Perturbed by two allegedly unwanted faxes, Arnold Chapman brought a putative class action under the Telephone Consumer Protection Act (“TCPA”). For himself, he sought the most the statute could provide – $3,000, an injunction, and costs. ($3,000 represents $500 in statutory damages for each of the two faxes, trebled for an allegedly knowing or wilful … Continue Reading

FCC Issues Omnibus Ruling on Host of Issues Affecting TCPA Litigation and Compliance

On July 10, 2015, the Federal Communications Commission (FCC) finally released its long awaited TCPA Omnibus Declaratory Ruling and Order, which resolved 21 petitions involving a wide variety of issues regarding the enforcement and interpretation of the Telephone Consumer Protection Act (TCPA). The FCC had voted in favor of the Ruling June 18 at an … Continue Reading

Second Circuit Limits Judicial Review of Consent Decrees

This post was also written by James C. Martin. In SEC v. Citigroup Global Markets, Inc., 2014 WL 2486793 (2d Cir. June 4, 2014), the U.S. Court of Appeals for the Second Circuit has reversed and vacated U.S. District Court Judge Jed Rakoff’s controversial 2011 decision refusing to approve a consensual settlement agreement between the SEC … Continue Reading

Bankruptcy Court in Illinois Holds that a Mortgage is Avoidable in Bankruptcy if the Mortgage as Recorded Does Not State the Maturity Date and Interest Rate of the Underlying Debt

Daniel J. Slattery, our Real Estate colleague, recently authored an alert regarding a decision that potentially has serious implications for mortgage financing transactions. In Illinois, the Bankruptcy Court for the Central District of Illinois recently held that a mortgage is avoidable in bankruptcy if it fails to include the maturity date and the interest rate … Continue Reading

Reed Smith Attorneys Obtain Significant Preemption Ruling on Behalf of National Penn Bank

After removing a complaint filed against National Penn Bank (the "Bank") to federal court, Reed Smith attorneys Andrew J. Soven and Timothy P. Oak successfully defeated plaintiff's attempt to have it remanded back to state court. The decision in Collier v. National Penn Bank, 2012 WL 1214325 (E.D. Pa. April 11, 2012), was issued by the U.S. District Court for the Eastern District of Pennsylvania.… Continue Reading

Los Angeles Targets Trustee to Clean-Up Housing Mess

The People of the State of California and The City of Los Angeles (collectively, the “Plaintiff”) are seeking to hold Deutsche Bank National Trust Company and Deutsche Bank Trust Company Americas, as trustee under hundreds of mortgaged-backed securitizations (collectively, the “Trustee” or “Defendant”), liable for reparations on thousand of homes in the Los Angeles County … Continue Reading

Reed Smith Partner to Speak on ABA National Teleconference on Mortgage Litigation

On Wednesday, June 29, 2011, Reed Smith Partner Diane Bettino will speak to a national audience as part of a select panel of national mortgage litigation practitioners on mortgage litigation strategies and techniques. This conference, entitled “Anatomy of the Mortgage Trial Series Part 2: Trial and Post-Trial Phases,” is sponsored by the American Bar Association’s … Continue Reading

TCPA: Some Protection for Misdirected Collection Calls

The Telephone Consumer Protection Act (“TCPA”) prohibits, among others, the use of autodialers and prerecorded messages to residential telephone numbers without the prior express permission of, or an established business relationship with, the called party.  Over the last several years, courts have relied on Watson v. NCO Group, Inc. (pdf), 462 F.Supp.2d 641 (E.D. Pa. 2006), which … Continue Reading

TILA Right to Rescission Does Not Toll Statute of Limitations

The Third Circuit recently held that the invocation of the right to rescind under the federal Truth-in-Lending Act (TILA) does not toll the running of the statute of limitations.  According to the Court, the borrower’s letter to Wells Fargo Home Mortgage Inc. requesting rescission from a loan she obtained for home improvements did not preserve … Continue Reading