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Borrower’s inaction ratifies unauthorized corporate loan

USA - April 12 2011 The United States District Court for the Southern District of New York has recently ruled that, where an individual lacks actual or apparent authority to execute a loan agreement on behalf of a corporate entity, that entity will be deemed to have ratified the transaction when it fails to object or attempt to undo the transaction upon learning of it....

Fair and Accurate Credit Transactions Act class action allowed to proceed

USA - December 21 2010 The Ninth Circuit Court of Appeals has recently held that, where plaintiffs bring a putative class action alleging violations of the Fair and Accurate Credit Transactions Act (FACTA), class action certification should not be denied simply because a disproportional relationship exists between the defendant's potential statutory liability and the actual harm suffered by plaintiffs....

South Dakota National Bank denied interest rate in excess of New York usury laws

USA - September 20 2010 A New York trial court has held that a national bank based in South Dakota cannot charge a New York customer interest at a rate in excess of New York's usury limits unless it can prove that, at a minimum, at least one significant non-ministerial act associated with the account took place in South Dakota....