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Alabama Supreme Court: Lender can sue directors of a public improvement district for negligence, breach of fiduciary duty

Alabama law permits the creation of public corporations known as “improvement districts,” which can then issue bonds that are similar to bonds issued by a municipal corporation. These bonds can be used to finance improvements within the district. In Aliant Bank v. Four Star Investments, Inc., the Alabama Supreme Court allowed claims against the directors … Continue Reading

Eleventh Circuit Holds that District Courts Retain Original Jurisdiction Over State Law CAFA Claims Even After Class Claims Are Dismissed

In a case of first impression for the Court, the Eleventh Circuit recently addressed whether federal district courts retain original subject matter jurisdiction over state law claims included in a class action filed pursuant to the Class Action Fairness Act (“CAFA”) even after all class claims have been dismissed.  In Wright Transportation, Inc. v. Pilot … Continue Reading

Alabama Court of Civil Appeals Rules in Bank’s Favor in Ejectment Action Based on Bank’s Substantial Compliance with Terms of Mortgage Contract and Promissory Note

In Turner v. Wells Fargo, N.A., No. 2150230, Wells Fargo foreclosed on a home after the homeowners tendered a bad check and attempted to send catch-up payments that did not include required penalty fees.  Wells Fargo, which purchased the home in foreclosure, obtained summary judgment in the trial court after initiating an ejectment action against … Continue Reading

New Bank Examination Procedures for Cybersecurity

There is no more pressing problem facing business organizations today, of all types, than cybersecurity threats. For a highly regulated industry like banking, regulators are watching closely to see how the IT governance structure at a bank can manage this risk. Recently, the Federal Financial Institutions Examination Council, which coordinates the examination process at all … Continue Reading

TRID: The Next Consumer Litigation Frontier?

The residential mortgage market underwent a significant regulatory change on October 3, 2015, when the TILA-RESPA Integrated Disclosure (TRID) rule went into effect.  TRID was promulgated by the Consumer Financial Protection Bureau (CFPB).  As the name implies, TRID combines the disclosure requirements of the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures … Continue Reading

Reach of contractual jury trial waivers narrowed by Alabama Supreme Court

In Ex Parte Acosta, No. 1140200, — So. 3d —, No. 1140200, 2015 WL 3537476 (Ala. June 5, 2015), the Alabama Supreme Court refused to incorporate a jury trial waiver from a collateral loan document into a Promissory Note. Instead, the Court construed the jury trial waiver provision strictly and as only applying to claims … Continue Reading

So You’ve Implemented TRID, Now What?

Please join Balch & Bingham on November 13 for an in-depth discussion about the newly-implemented TILA-RESPA Integrated Disclosure Rules (“TRID”).  This seminar will solely focus on post-implementation issues and managing the litigation risks arising from the new rules. The event will include guest speaker, Richard Horn, a former Senior Counsel and Special Advisor at the … Continue Reading

Southern District of Florida rejects borrower attempts to hold mortgage servicers liable for alleged deficiencies in responses to Qualified Written Requests

Increasingly in courts around the country, borrowers have attempted to transform the Real Estate Settlement Procedures Act (RESPA), along with its implementing regulation (Reg. X), into a “Gotcha!” device through which borrowers could almost automatically recover damages against their mortgage servicers for responding to notices of error or requests for information. The pattern generally goes … Continue Reading

Assessing Your Cybersecurity Preparedness: It May Be Time to Update Your Bank’s Information Security Plan and Response Program

With increased oversight, regulatory scrutiny and risk related to cybersecurity, now is the time for those in the banking industry to be proactive in managing cybersecurity risk. Waiting until a breach occurs to formulate or review your game plan may be “too little, too late”. An assessment of your current cybersecurity preparedness may be the … Continue Reading
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