FDIC v. Rippy (Lawyers Weekly No. 001-149-15, 30 pp.) (Gregory, J.) No. 14-2078, Aug. 18, 2015; USDC at Wilmington, N.C. (Boyle, J.) 4th Cir. Holding: In this suit alleging that plaintiff Federal Deposit Insurance Corporation, as receiver, suffered $216 million ...Read More »
Banks And Banking
Bracken v. Fannie Mae Consumer Resource Center Inc. (Lawyers Weekly No. 002-220-14, 18 pp.) (Timothy Cain, J.) 6:13-cv-01983; D.S.C. Holding: As the owner of plaintiff’s promissory note and mortgage, Fannie Mae was entitled to obtain and review plaintiff’s credit reports. ...Read More »
Land v. Green Tree Servicing, LLC (Lawyers Weekly No. 002-222-14, 12 pp.) (Timothy Cain, J.) 8:14-cv-01165; D.S.C. Holding: South Carolina law did not impose a duty on defendants to act as reasonable and prudent loan servicing companies and agents; plaintiffs’ ...Read More »
Banks & Banking – Debit Posting Order – Overdraft Fees – Constitutional – Supremacy Clause – State Law Claims – Tort/Negligence
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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Federal Deposit Insurance Corp. v. Campbell (Lawyers Weekly No. 002-017-14, 7 pp.) (David C. Norton, J.) 2:13-cv-00743; D.S.C. Holding: Plaintiffs’ counterclaims – originally asserted against a now-failed bank – are based on oral promises made by bank employees. Now that ...Read More »
Weber v. Bank of America, N.A If plaintiffs base their claim – that defendant did not properly process plaintiffs’ requests for a loan modification – on Chief Justice Toal’s Administrative Order 2011-05-02-01, they should have made their petition in the court adjudicating their foreclosure action
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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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Regions Bank v. Strawn The defendant-attorney presented evidence that, as part of a real property closing, his employee hand-delivered to the plaintiff-bank a pay-off check and a letter requesting that the bank’s mortgage on the property be marked satisfied.Read More »
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.Read More »
CitiMortgage, Inc. v. Kokolis 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, 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.Read More »