News & Analysis as of

Banking Sector Breach of Contract

Hogan Lovells

English High Court decides that a letter of comfort creates legal relations

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A version of this article first appeared in Butterworths Journal of International Banking and Financial Law in June 2025. In the case of IDBI Bank Limited v Axcel Sunshine Limited & Ors the English High Court held that,...more

Orrick, Herrington & Sutcliffe LLP

Class action settlement seeks approval over alleged bank fee breach

On April 24, in the U.S. District Court for the Eastern District of Arkansas, a Memorandum of Law to support an unopposed motion for final approval of a class action settlement was filed to resolve all claims against the...more

A&O Shearman

Fool's gold: when you have to pay for pre-contractual services

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H&P, an investment bank, provided services allegedly worth USD 18 million to Randgold, who H&P had assumed was a client. However, terms of their engagement were never formalised or even written down. After the transaction,...more

Awatif Mohammad Shoqi Advocates & Legal...

What legal actions can the bank take if the customer defaults on a loan in the UAE?

Defaulting on a bank loan in the UAE is regulated by the Commercial Code (federal decree-law No. (50) of 2022) and the Civil Procedure Law (federal decree-law No. (42) of 2022). Further, the Central Bank of UAE issued Loan...more

Orrick, Herrington & Sutcliffe LLP

District Court receives proposed settlement agreement of $6.3 million for alleged breach of contract

On February 6, the U.S. District Court for the Eastern District of Tennessee received the plaintiffs’ unopposed motion for preliminary approval of a class action settlement agreement as part of their lawsuit against a large...more

A&O Shearman

Bank’s inability to establish identity of vessel owner results in inability to rely on sanctions clause

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The Court of Appeal found a confirming bank to be in breach of contract by declining to make payment under a confirmation to a letter of credit on the basis that a sanctions prohibition applied....more

Orrick, Herrington & Sutcliffe LLP

District Court grants summary judgement for bank in “spoofing” case

On September 29, the U.S. District Court for the Southern District of New York granted summary judgement on all claims in favor of the defendant bank, while denying summary judgement for the New Jersey-based plaintiff. The...more

Foley & Lardner LLP

Labor and Employment FAQs In Light of Uncertain Financial Times

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Notwithstanding the very recent good news that it appears the federal government and regulators currently have control and a plan in place to limit the impact of Silicon Valley Bank’s (SVB) and Signature Bank’s recent...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 1, January 2023

Plaintiffs Pursuing Increased Class Action Breach of Contract Claims for Overdraft Fees and Charges Against Customers - “With plaintiff attorneys seeing potential large dollar settlements and verdicts, along with increased...more

Ballard Spahr LLP

New York federal district court allows class action challenging bank’s NSF fees to proceed on breach of contract theory

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A New York federal district court has issued an order allowing a putative class action to proceed against Trustco Bank, finding that the plaintiff had stated a claim for breach of contract based on the bank’s assessment of...more

Pillsbury Winthrop Shaw Pittman LLP

Investment Opportunities Abound in Japan’s M&A Market

The outlook for inbound mergers and acquisitions opportunities in Japan is bright with the yen at a 20-year low. The yen’s recent plunge to around 135 to the U.S. dollar has made Japanese assets approximately 20% cheaper...more

Bass, Berry & Sims PLC

Chris Lazarini Examines Accrual of Indemnitor Liability

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Bass, Berry & Sims attorney Chris Lazarini examined a case in which a mortgage company sued a bank under the indemnity clause of the parties loan purchase agreement. The bank sought dismissal on statute of limitations...more

A&O Shearman

Bank ordered to disclose suspicious activity reports to customer

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Lonsdale v National Westminster Bank [2018] EWHC 1843 (QB) (18 July 2018) - A bank was ordered to disclose, to a customer, suspicious activity reports (SARs) that the bank had sent to the National Crime Agency (NCA) at the...more

Seyfarth Shaw LLP

Can Attorneys Be Liable For Directing Clients To Breach Non-Competes? One Federal Court Says Maybe

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In a classic example of bad facts creating bad law, a federal judge in Kentucky recently denied a motion to dismiss claims brought against attorneys who allegedly counseled employees to breach a non-compete agreement and...more

Farrell Fritz, P.C.

Separate Duty to Notify Revives Untimely Subprime Mortgage Claims

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In a thorough opinion last week by Justice Marcy Friedman in Bank of N.Y. Mellon v WMC Mtge., LLC, the New York County Supreme Court upheld the timeliness of “Failure to Notify” claims arising from subprime mortgage-backed...more

Carlton Fields

Real Property & Financial Services Update: Week Ending February 16 & 23, 2018

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REAL PROPERTY UPDATE - Breach of Contract/Damages: court erred by precluding setoff when calculating damages because purpose of award is to restore the injured party to the position it would have realized no for the other...more

A&O Shearman

Southern District Of New York Magistrate Judge Recommends Denial Of Class Certification In Action Against RMBS Trustee

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In a January 10, 2018 ruling unsealed on January 19, Magistrate Judge Sarah Netburn of the United States District Court for the Southern District of New York recommended denial of Royal Park Investments’ request for class...more

Carlton Fields

District Of South Carolina Denies Motion To Dismiss Action Involving Fronting Relationship

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Applying Delaware law, a South Carolina District Court found Plaintiff had properly pled its causes of action for breach of contract, breach of fiduciary duty, negligence/gross negligence and negligent misrepresentation...more

Herbert Smith Freehills Kramer

Debt Dialogue: August 2017 - Admitting an Inability to Pay Debts as They Become Due: What Does It Mean?

Among the litany of events of defaults often found in indentures and other credit documents is an issuer’s admission in writing of its inability to pay its debts as they come due. Like other insolvency events of default, this...more

Jones Day

Italy: New Rules on Financial Leases Provide Clarity

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Law no. 124 of August 4, 2017 ("Law 124") provides important new rules on financial leases in Italy. It introduces a statutory definition of "financial lease" and deals with the event of serious breach (grave inadempimento)...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending May 19 & 26, 2017

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Real Property Update - Foreclosure/Standing/Lost Note: if plaintiff did not have right to enforce note when lost, plaintiff should present evidence of assignment from payee to plaintiff or affidavit of ownership - ...more

Carlton Fields

Third Circuit Permits Limited Discovery On Issue Of Validity Of Arbitration Agreement

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In an unpublished opinion, the Third Circuit affirmed a decision denying a defendant bank’s motion to dismiss a consumer complaint in favor of arbitration when the contract containing the arbitration clause was not referenced...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts T+2 Settlement Cycle for Securities Transactions - On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to Rule 15c6-1(a), shortening the...more

Stinson LLP

Emerging Trends Newsletter - Q4

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The Volcker Rule Under the Trump Administration - The so-called Volcker Rule—named after Paul Volcker, a former chairman of the Federal Reserve Board—was part of the Dodd-Frank Wall Street Reform and Consumer Protection...more

Carlton Fields

Real Property & Title Insurance Update: Weeks Ending November 18 & 25, 2016

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REAL PROPERTY UPDATE - Settlement/Waiver: borrowers permitted to raise affirmative defenses and counterclaims against lender where subject Loan Modification Agreement failed to include waiver of claims, affirmative...more

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