Loans, Consumer Financial Products, Breach of Contract

Subscription Credit Facilities: The Importance of an Investor’s Agreement to Fund Without “Setoff, Counterclaim or Defense”

Mayer Brown on 2/26/2025

EXECUTIVE SUMMARY - Subscription credit facilities rely on the obligations of investors to a private investment fund (“Fund”) to contribute their capital commitments to the Fund when called. From a subscription credit...more

An interest-ing question: when is a default interest rate a penalty?

A&O Shearman on 7/15/2024

The Court of Appeal has affirmed a three-step test for penalty clauses: (1) is it a secondary obligation; (2) does the clause protect a legitimate interest; and (3) is it extortionate by reference to the legitimate interest?...more

High Court Ruled That Lender Suffered No Loss Despite Negligent Valuation of Security

Cadwalader, Wickersham & Taft LLP on 12/18/2023

On 27 September 2023, the British High Court ruled that the claimant relying on the defendant’s report suffered no actionable loss, despite the defendant’s admission of negligence. ...more

Seventh Circuit Agrees With Mayer Brown Amicus Brief That $3 Million Punitive Damages Award Was Unconstitutionally Excessive

Mayer Brown on 2/12/2020

Last summer, my colleague C.J. Summers and I posted a report about Saccameno v. U.S. Bank National Association, a Seventh Circuit case in which we had filed an amicus brief on behalf of the Chamber of Commerce of the United...more

2019 Year in Review: Securitization Litigation and Regulation

Cadwalader, Wickersham & Taft LLP on 1/30/2020

There were significant developments in 2019 as courts continued to issue important decisions in this space and significant legislation impacting the residential mortgage-backed securities (“RMBS”) market came into effect. A...more

Eleventh Circuit Holds that a Guarantor Lacks Standing Under the Equal Credit Opportunity Act

Bilzin Sumberg on 9/20/2019

Late last month, the U.S. Court of Appeals for the Eleventh Circuit held in Regions Bank v. Legal Outsource PA, No. 17-11736, 2019 WL 4051703 (11th Cir. Aug 28, 2019), that a loan guarantor does not qualify as an “applicant”...more