| Customer Can Pursue Civil Action Against Bank For Funds Embezzled By Customer's Employee From Its Accounts, Despite Receiving Full Restitution From Employee After Criminal Hearing |
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August 30, 2010 Link
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On May 21, 2010, the Kentucky Court of Appeals, in the published decision Swinford Trucking Co. v. Paducah Bank & Trust Co., No. 2008-CA-1748-MR, reversed the circuit court’s order dismissing a complaint filed by a bank customer, alleging that the bank was negligent in allowing the customer’s employee to unlawfully withdraw funds from its accounts.
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| Indiana Court of Appeals Holds That Claim Under The Fair Credit Reporting Act Survives Bankruptcy And Must Be Arbitrated |
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August 23, 2010 Link
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On July 26, 2010, the Indiana Court of Appeals, in the published decision of Green Tree Servicing, LLC., v. Brian D. Brough, No. 88A01-0911-CV-550, addressed the issue raised by Appellant Green Tree as to whether the trial court erred by vacating its prior Order directing the parties to arbitrate their dispute, which involved a prior bankruptcy filing and a claim under the Fair Credit Reporting Act.
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| The Supreme Court of Ohio's Statistical Summary Spotlights Increase In Foreclosure Filings |
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August 23, 2010 Link
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Each year, the Supreme Court of Ohio publishes the Ohio Courts Statistical Report and the Ohio Courts Statistical Summary. Raw data is published in the Statistical Report, while the Summary analyzes the data from the report and identifies trends. This year’s Summary, released on August 20, 2010, examines data from Ohio courts for the years 2000 to 2009. The 2009 Summary is available for review at: http://www.sconet.state.oh.us/Publications/annrep/09OCS/summary/trend.pdf.
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| Executive Compensation Under The Dodd-Frank Act |
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August 17, 2010 Link
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We recently presented a broad overview of the regulatory structure for the Banking and Financial Industry under the Dodd-Frank Act. Click here to see prior article. In this installment, we want to describe the new rules on executive compensation.
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| New Credit Card Rules In Effect August 22,2010 |
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August 16, 2010 Link
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New Federal Reserve rules go into effect this month that affect late fees and penalties that card holders may be charged. The rule, which amends Regulation Z (Truth in Lending), limits late fees and penalties that may be charged to credit card accounts.
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| A New Wave Of Posting-Order Class Actions? |
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August 16, 2010 Link
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Many will recall the wave of Plaintiff lawsuits/class actions that followed on the heels of our last banking crisis in the mid-1990’s; actions challenging financial institutions’ practices respecting the order in which checks were processed internally for payment from customers’ accounts.
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| Supreme Court To Rule On Credit Card Agreements |
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August 16, 2010 Link
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The United States Supreme Court agreed to hear an appeal from the Ninth Circuit’s decision in McCoy v. Chase Manhattan Bank, USA, 559 F.3d 963 (2009). In the case below, the Ninth Circuit ruled that the Federal Reserve Board’s Regulation Z (enacted to enforce the Truth In Lending Act, “TILA”) required a credit card issuer to provide contemporaneous notice of the decision to increase a borrower’s interest rate.
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| Chapter 7 Trustee's Remedy Limited |
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August 16, 2010 Link
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Chapter 7 Trustees can and sometimes do successfully avoid creditor’s perfected liens. Typically, the avoidance opportunity arises because the lien was not perfected on a timely basis. The Bankruptcy Code provides that the avoided liens may be “preserved” for the benefit of the bankruptcy estate; this prevents a windfall to a junior lienor who would become the first lienholder courtesy of the Trustee’s success.
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| Non-Party Ordered To Make A Turnover Of Proceeds Of A Sale Has No Standing To Appeal |
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August 9, 2010 Link
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On July 15, the Eight District Court of Appeals dismissed the appeal of a nonparty who was ordered to make a turnover of the proceeds of a public sale, pursuant to the motion of a bank. The Court dismissed the appeal, finding that the non-party lacked standing.
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