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Chp. 7 trustee files preference actions in HomeBanc Mortgage bankruptcy

Fox Rothschild LLP
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USA
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March 1 2010

George Miller, the Chapter 7 Trustee in the HomeBanc Mortgage bankruptcy, recently filed approximately 400 preference actions against various defendants under section 547 of the Bankruptcy Code

Treasury issues proposed regulation to section 1001 pertaining to debt modification rules

Fox Rothschild LLP
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USA
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June 6 2010

When the terms of a debt instrument (eg, mortgage, note or bond) are modified by agreement, the modification may be significant enough to result in a deemed taxable exchange of the original debt instrument for a “new” debt instrument

Department of Justice dismisses criminal charges against UBS

Fox Rothschild LLP
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USA
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October 22 2010

The Justice Department on October 22 dismissed criminal charges against the Swiss bank, UBS AG, which had been accused of helping thousands of Americans evade US taxes in the billions of dollars by concealing their assets in foreign accounts

Lending companies can expect a wave of overtime lawsuits by loan underwriters

Fox Rothschild LLP
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USA
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January 17 2011

On December 30, 2010, a former underwriter for Stearns Lending, Inc, filed an action in the Northern District of California, alleging that the Company, a mortgage loan lender, had misclassified her as an exempt employee

ZIP codes are protected personal identification information under California's Credit Card Act

Fox Rothschild LLP
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USA
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February 24 2011

California's Song-Beverly Credit Card Act (Act) of 1971 (Civil Code 1747 et seq.) is designed to promote consumer protection, including the protection of consumers' privacy rights

Latest TJX breach lesson: crime does not pay

Fox Rothschild LLP
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USA
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March 12 2010

A co-conspirator in the TJX breach, Humza Zaman, saw the next 46 months of his life laid out before him in Boston yesterday, as he was sentenced in federal court for his role in the TJX breach

Decision in In re J. Silver Clothing, Inc., holds that 547(c) "substantially contemporaneous" transfers are not governed by a bright line rule under 547(e)

Fox Rothschild LLP
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USA
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May 4 2011

In a 28 page decision signed April 29, 2011, Judge Gross of the Delaware Bankruptcy Court determined that in order for a transfer to be considered "substantially contemporaneous" as used by Bankruptcy Code 547(c), it does not necessarily need to comply with the timing requirements of 547(e

Has the outer limit of criminal federalism been reached? "In furtherance" requirement of mail fraud statute satisfied by the routine mailing of discovery requests in civil lawsuit against victimized homeowner

Fox Rothschild LLP
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USA
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June 21 2011

An argument often made, and almost invariably lost, by defense counsel seeking to dismiss charges under the mail fraud statute, 18 U.S.C. 1341, and analogous wire fraud statute, 18 U.S.C. 1343, is that the mailing (which can be intrastate or interstate) or wiring (which must be interstate) was so attenuated from the underlying scheme that it could not be said to “further” the execution or attempted execution of the scheme, as is required

In the zone - case summary: Baffone v. Brady

Fox Rothschild LLP
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USA
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August 8 2011

In a recent Delaware Superior Court case, Baffone v. Brady, 2011 WL 2165136 (Del. Super. Ct. N2011), the Superior Court strengthened its preference for a strict application of the Parol Evidence Rule in mortgage priority disputes

Complications in loss analysis lead sentencing judge to abandon restitution altogether and to eschew victim loss in favor of lesser defendant gain in calculating the Sentencing Guidelines

Fox Rothschild LLP
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USA
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December 20 2012

In bank fraud cases, sentencing courts are obliged under the advisory Sentencing Guidelines to fix the "loss" at the greater of actual or intended loss to the victim, and to resort to the (usually more defendant-friendly) lesser gain from the offense only if that loss "reasonably cannot be determined."

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