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Banks & Banking – Debit Posting Order – Overdraft Fees – Constitutional – Supremacy Clause – State Law Claims – Tort/Negligence (access required)

King v. Carolina First Bank (Lawyers Weekly No. 002-123-14, 13 pp.) (Timothy Cain, J.) 6:13-cv-02264; D.S.C. Holding: In state-law claims, plaintiffs challenge the defendant-bank’s practice of posting daily debits from highest in value to lowest, thereby increasing plaintiffs’ overdraft fees. ...

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Banks & Banking – Real Property – Mortgages – Verification of Deposit – Tort/Negligence – Duty (access required)

Midland Mortgage Corp. v. Wells Fargo Bank, N.A. Even though the defendant-bank provided a false verification of deposit (VOD) when the plaintiff-lender requested the VOD in the context of a mortgage closing, plaintiff has not shown that defendant owed it a duty of care under the banking circumstances of this case.

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Banks & Banking – Constitutional – TARP & EEPA – Real Property – Foreclosure (access required)

First Citizens Bank & Trust Co. v. Spirakis The third-party plaintiff seeks actual and punitive damages against third-party defendants the U.S. Treasury Department and the Board of Governors of the Federal Reserve System for their actions involving the distribution of TARP funds, but nowhere in the Emergency Economic Stabilization Act of 2008 (EESA) or the Administrative Procedure Act is there a provision permitting money damages for alleged injury caused by actions taken pursuant to the EESA.

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