News & Analysis as of

Class Action Financial Services Industry Statute of Limitations

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
Troutman Pepper Locke

Fourth Circuit Holds Filing a Time-Barred Collections Lawsuit Waives Right to Arbitrate

Troutman Pepper Locke on

After a debt collector filed suit to collect an expired debt, the U.S. Court of Appeals for the Fourth Circuit held that the debt collector could not later compel arbitration of the debtor’s class action because arbitration...more

Troutman Pepper Locke

Virginia Federal Court Applies Broad Reading of Military Lending Act’s Statute of Limitation in Dismissal of Borrower Class Action

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In Wood v. Omni Financial of Nevada, Inc., the plaintiffs filed a class action complaint alleging violations of the Military Lending Act (MLA). Specifically, the plaintiffs, two active duty service members who had entered...more

Orrick, Herrington & Sutcliffe LLP

Illinois Supreme Court sets five-year SOL for section 15 BIPA violations

On February 2, the Illinois Supreme Court held that under the state’s Biometric Information Privacy Act (BIPA), individuals have five years to assert violations of section 15 of the statute. ...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending February 7, 2020

Carlton Fields on

Real Property Update - Fraudulent Transfer: Real property that was worth less than mortgage encumbering it was not an asset per the plain language of section 726.102(2) and, therefore, could not support fraudulent transfer...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending October 18, 2019

Carlton Fields on

Real Property Update - Foreclosure / Statute of Limitations: default notice pursuant to paragraph 22 of subject mortgage may include amounts accrued outside five-year statute of limitations – U.S. Bank, Nat’l Ass’n v....more

Carlton Fields

Third Circuit Holds That Statute of Limitations Was Not Extended for Class Action Lawsuit

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In 2005 and 2006, Christopher Blake and James Orkis took out mortgages from JP Morgan to buy homes. Then in 2013, they filed a class action against JP Morgan under the Real Estate Settlement and Procedures Act (RESPA),...more

Smith Debnam Narron Drake Saintsing & Myers,...

District Court Expands on Pantoja, Finds Collection Letter on Stale Debt to Violate FDCPA for Failure to Include Revival Warning

A recent decision from the North District of Illinois has expanded on the Seventh Circuit’s holding in Pantoja v. Portfolio Recovery Assocs., LLC, 852 F.3d 679 (7th Cir. 2017) regarding revival warnings in collections letters...more

Burr & Forman

Fall 2017 Consumer Financial Protection Bureau Update

Burr & Forman on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Weeks Ending September 22 & 29, 2017

Carlton Fields on

REAL PROPERTY UPDATE - - Constructive Notice: a memorandum of agreement that is recorded in the official records of the county in which the property is located and refers to an unrecorded agreement entered into by the...more

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