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Results: 1-10 of 184

FDIC is liable for breach of contract

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • October 5 2009

On September 29th, the Federal Circuit held on behalf of a Winston & Strawn-represented party that the FDIC can be liable for breach of contract in a case stemming from the savings and loan crisis of the early 1980s

Consumer credit card agreement's provisions were not unconscionable

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • October 12 2009

On October 6th, the Eighth Circuit reversed a district court decision and held that a consumer credit card agreement's arbitration, class action waiver and cost-sharing provisions were neither procedurally nor substantively unconscionable

First Circuit strictly interprets loan terms

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • December 7 2009

On November 25th, the First Circuit issued opinions in two cases alleging breaches of a credit contract and violations of the Truth in Lending Act

UCC's statute of repose for claims based on electronic funds transfers bars common law claims

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • March 8 2010

On March 2nd, the Second Circuit affirmed a district court holding that Section 4-A-505 of the New York Uniform Commercial Code, which imposes a one-year statute of repose on certain claims based on electronic funds transfers, barred related common law claims for breach of contract, breach of fiduciary duty and fraud, even though such claims have longer limitations periods

Bank seeks declaratory judgment over reasonableness of its security practices

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • March 16 2010

A Texas bank recently asked a federal court to declare that its Internet banking security system is "commercially reasonable" in light of the occurrence of a recent online identity theft where consumer's bank account funds were stolen

Purchase-money security interest survives Bankruptcy Code amendments

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • May 24 2010

On May 18th, the Second Circuit, addressing the 2005 amendments to the Bankruptcy Code, held that a lender with a purchase-money security interest in a car is entitled to an unsecured claim with regard to a deficiency it incurred upon the surrender and sale of the car

Negative equity

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • March 29 2010

On March 24th, the Sixth Circuit joined seven other federal appellate courts in holding that negative equity is included in a creditor's purchase money security interest and is not subject to a bankruptcy court's cramdown authority under Chapter 13 of the Bankruptcy Code

Loan underwriters must be paid overtime

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • November 23 2009

On November 20th, the Second Circuit, reversing the district court, held that a bank loan underwriter who evaluated whether to issue individual loans to individual loan applicants by referring to a set of guidelines provided to him by the bank, is not an administrative employee exempt from the overtime requirements of the Fair Labor Standards Act

Credit cards, APRs and "fixed" rates

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • July 26 2010

On July 21st, the Ninth Circuit addressed the question of whether a credit card issuer clearly and conspicuously disclosed the card's APR

Letters discussing foreclosure alternatives may need to comply with the FDCPA

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • August 2 2010

On July 27th, the Seventh Circuit held that a complaint alleging that defendants' letters offering to discuss foreclosure alternatives after plaintiff became delinquent on her mortgage payments stated a claim for violations of the Fair Debt Collection Practices Act

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