Quantcast

Tag Archives: Banks & Banking

Former bank exec’s slander claim must be arbitrated (access required)

Free speech bandages

A former bank executive signed away his right to sue his boss for slander when he agreed to a far-reaching arbitration clause with the bank he helped create, the South Carolina Supreme Court has ruled. The decision, apparently the first of its kind in South Carolina courts, may portend a more harrowing path to the judicial system for employees as state case law aligns with rulings from the federal courts about arbitration clauses.

Read More »

Tort/Negligence – Breach of Fiduciary Duty – Trusts & Estates – Banks & Banking – Collateral Call (access required)

Mozingo v. Wells Fargo Bank In its role as a trustee of plaintiff’s trust, the defendant-bank allegedly gave plaintiff advice in April 2008 about a contract that plaintiff then signed in June 2008. Since plaintiff terminated the bank’s role as trustee in May 2008, the bank’s April 2008 advice about the June 2008 contract cannot serve as the basis for plaintiff’s breach of fiduciary duty claim.

Read More »

Corporate – Shareholder Suit – Direct vs. Derivative – Banks & Banking – Receivership (access required)

Bowen v. Houser Even though shares of stock are the personal property of the plaintiff-shareholders, and even though any decrease in the market value of the shares is a direct loss to each shareholder’s personal property, a decrease in the value of all outstanding stock is in no way “separate” or “distinct” from the harm to the corporation that causes such a decrease.

Read More »

Tort/Negligence – Defamation – Truth – Innuendo – Qualified Privilege – Banks & Banking – Loan Decision (access required)

Fountain v. First Reliance Bank A banker’s statement that the bank wouldn’t make a loan if plaintiff were involved was true. Even if the statement implied that plaintiff was a poor lending risk, since plaintiff participated in a failed business venture and has a history of neglecting to repay his obligations, the alleged implication was also true.

Read More »

Corporate – Shareholders’ Lawsuit – Direct Claims – Stock Price Decline – Derivative Claims Only – Banks & Banking – Tort/Negligence (access required)

Rice-Marko v. Wachovia Corp. Since the plaintiff-shareholders are complaining about the diminution in the value of their stock, they have no direct claim against the defendant-banks or the defendant-bank officers. We affirm the trial court’s order dismissing plaintiffs’ claims.

Read More »

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.

Read More »

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

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 »