Stinson Leonard Street attorneys produce and maintain industry or topic specific blogs that discuss relevant legal developments, issues and concerns.
07/26/2016 02:42 PM
While state courts have been busy articulating novel interpretations of arbitration law this summer, federal courts seem intent on getting back to basics. In recent weeks, federal appellate courts have reminded parties who has the burden of proving an agreement to arbitrate, what should happen to the case when arbitration gets compelled, how parties waive their […]
07/15/2016 04:37 PM
Continuing last week’s theme of “States Gone Wild,” here are three more oddball summer decisions from state supreme courts. All of them find interesting paths around federal case law (IMHO). Georgia Says Class Complaint Is Deemed Arbitration Opt Out For All Class Members In Bickerstaff v. SunTrust Bank, 2016 WL 3693778 (Ga. July 8, 2016), the […]
07/08/2016 05:12 PM
While regular people count down the days to summer blockbusters that come in the form of high-paid actors fighting aliens or robots, I prefer my summer blockbusters in the form of arbitration opinions that have been months in the making (maybe finally released because the clerks are about to turn over?). Today, I report on three of […]
06/30/2016 03:41 AM
The American Arbitration Association (AAA) has not released statistics for years (other than to the CFPB). But recently, arbitration geeks got a summer solstice gift of (limited) new information. The piece is only three pages, short enough to read during a commercial break, but here are some key numbers to know: In 2015, 8,360 new […]
06/22/2016 04:07 PM
Statutes of limitations provide peace of mind for many attorneys and clients, knowing previous conduct cannot lead to liability after a prescribed time period. But, do statutes of limitations apply to arbitration proceedings? The answer is: not necessarily. Because of that, advocates and parties need to know when statutes of limitation may apply as well […]
07/25/2016 01:30 PM
Written by: George Sand In Madden v. Midland Funding, LLC, 786 F.3d 246 (2d Cir. 2015), cert. denied, No. 15-610, 2016 U.S. LEXIS 4211 (U.S. June 27, 2016), Madden was a New York resident who opened a credit card account with Bank of America. The bank consolidated its credit card program into another national bank, […]
07/22/2016 04:20 PM
Written by: Lindsay Harden On Tuesday, the Financial Crimes Enforcement Network (FinCEN) issued Frequently Asked Questions regarding the new Customer Due Diligence rule. Affected financial institutions must comply with the new rule beginning on May 11, 2018. This rule will apply to federally regulated banks and federally insured credit unions, among other financial entities, and it […]
06/03/2016 06:18 PM
Written by: George Sand On June 1, 2016, the Consumer Financial Protection Bureau released a proposed rule that would restrict the ability for payday lenders to originate loans. The proposal includes both loans with a term of 45 days or less and loans with a term greater than 45 days that have an annual percentage […]
05/20/2016 04:17 PM
Written by: Lindsay Harden Yesterday, the Federal Reserve Board, CFPB, FDIC, NCUA and OCC issued guidance regarding the agencies’ supervisory expectations for deposit reconciliation on consumer accounts. The agencies summarized their observations on deposit reconciliation practices, and expressed particular concern about credit discrepancies—which occur when a customer deposits more than is ultimately credited to his […]
05/12/2016 03:42 PM
Written by: George Sand A new FinCEN rule under the Bank Secrecy Act will require institutions to more specifically identify legal entity customers and increase Anti-Money Laundering (AML) diligence. The rule will apply to “Covered Financial Institutions,” which includes banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in […]
03/22/2016 09:43 PM
“The judgment is affirmed by an equally divided Court.” With that one sentence, the Supreme Court case of Hawkins v. Community Bank of Raymore, Case No. 14-520 came to an end. The first 4-4 decision from the Court since the death of Justice Antonin Scalia leaves unresolved, at least on a national level, whether the [...]
The post Guarantor Standing Under Reg. B Unresolved After Hawkins v. Community Bank of Raymore appeared first on Stinson Leonard Street.
03/10/2016 05:12 PM
Co-authored with Matthew Salzman and David Bengtson In a decision entered yesterday afternoon, Judge Shelley Chapman of the United States Bankruptcy Court for the Southern District of New York authorized Sabine Oil & Gas Corporation to reject certain midstream contracts under Section 365(a) of the Bankruptcy Code and, critically, made a non-binding holding that Sabine’s [...]
The post Bankruptcy Court Authorizes Rejection of Midstream Contracts, Issues Non-Binding Ruling that Contract Covenants Do Not Run with the Land appeared first on Stinson Leonard Street.
01/15/2016 06:30 PM
In Venture Bank v. Lapides, 800 F.3d 442 (8th Cir. 2015), the Eighth Circuit found that a bank could not recover from its borrower and, in fact, had violated the post-discharge injunction by relying on change in terms agreements which were ineffective to reaffirm a debt discharged in the borrower’s Chapter 7 bankruptcy. Venture Bank’s [...]
The post Lack of Reaffirmation Agreement Results in Finding That Bank Violated Discharge Injunction by Enforcing Post-Bankruptcy Loan Modification appeared first on Stinson Leonard Street.
08/24/2015 02:49 AM
In Jubber v. SMC Electrical Products, Inc. et al. (In re C.W. Mining Co.), Case No. 13-4175 (Aug. 10, 2015), the Tenth Circuit Court of Appeals confirmed that a single payment made by a debtor within the 90-day preference period to a seller, with whom the debtor had never done business, may satisfy the elements [...]
The post Tenth Circuit Confirms That a Single Payment on New Purchase Contract May Satisfy Ordinary Course Defense Under 11 U.S.C. § 547(c)(2) appeared first on Stinson Leonard Street.
05/05/2015 01:46 PM
On May 4, 2015, the Supreme Court issued its opinion in Bullard v. Blue Hills Bank, holding that an order denying confirmation of the debtor’s proposed chapter 13 plan is not a “final” order that the debtor can immediately appeal. This holding could have a far-reaching impact on individual and corporate debtors in both chapter [...]
The post Debtors’ Ability to Appeal Denial of Plan Confirmation is Limited by New Supreme Court Decision appeared first on Stinson Leonard Street.
07/26/2016 03:28 PM
The US Department of Labor (DOL) has proposed changes to the Form 5500 and schedules that will affect ERISA Title I group health plans of all sizes, but small group health plans should be especially aware of the changes. Certain small group health plans (fewer than 100 participants) are currently exempt from filing the Form […]
06/01/2016 04:12 PM
A Minneapolis law firm recently filed a class action complaint against Lamettry’s Collision, Inc. and the Trustees of its 401(k) Plan, CFO Stephen Daniel and President Joan Lamettry for various breaches of fiduciary duty with respect to fees charged to Plan participants’ accounts in the Company’s 401(k) Plan. Specific allegations include: (a) failure to assess […]
05/26/2016 06:33 PM
My colleagues in the Labor and Employment Group have published an Alert on the new wellness guidance from the EEOC. It is linked here.
04/25/2016 12:31 PM
Employers who self fund their medical plans often have contracts with their third party administrators about claims processing. Some of those contracts provide that the claims processor has discretion to decide claims; others provide that the claims processor is simply acting in a ministerial fashion so that the employer ultimately retains discretion to decide contested […]
04/12/2016 12:34 PM
Sun Trust Bank was sued in a class action challenging its COBRA notice. The plaintiffs who brought the lawsuit claimed that the COBRA notice was materially deficient in that it failed to provide the name and address of the party responsible under the plan for COBRA administration and that it failed to provide an adequate […]
07/24/2016 09:20 PM
By Zane Gilmer and Liz Kramer On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long awaited and highly controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class actions as part of mandatory pre-dispute arbitration agreements and require companies to report certain arbitration data to […]
07/24/2016 07:19 PM
The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation Enforcement Action Against Santander Bank On July 14, 2016, the CFPB announced an administrative consent order against Santander Bank, N.A., to resolve alleged illegal overdraft service practices. In 2010, […]
07/20/2016 01:37 AM
In connection with the SEC meeting of the Advisory Committee on Small and Emerging Companies, the SEC posted a presentation which deals in part on secondary trading of Regulation A+ securities. Among other things, it includes slides showing secondary trading activity in two Regulation A offerings – Elio Motors and Coastal Banking Company. The Elio […]
07/15/2016 01:58 AM
The SEC has issued a new Compliance and Disclosure Interpretation (8-K 103.11) that clarifies the interaction between the investment intent exemption in the HSR rules and the ability to file a Schedule 13G. The CDI poses the following question: The Hart-Scott-Rodino (“HSR”) Act provides an exemption from the HSR Act’s notification and waiting period provisions […]
07/14/2016 02:03 AM
The SEC has approved a final rule amending its rules of practice for administrative proceedings. The changes make incremental improvements but fall short of what is necessary to make the proceedings more fair. Among other things, the final rules would adjust the timing of administrative proceedings and give parties additional opportunities to take depositions of witnesses: […]