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by ME&W | Feb 19, 2020 | Banking Law, Business Law, Coble, Matthew D., Hoy, Timothy A
What does the automaker Honda have in common with Capital One? They both faced multi-million dollar class action lawsuits for alleged violations of Article 9 of the Uniform Commercial Code’s repossession provisions4. Recent lawsuits against both companies alleged that vehicles they financed were repossessed without providing the borrower with notice as required by Article 9. Article 9 of the Uniform Commercial Code (“UCC”) outlines the rights and duties of parties to a secured transaction. While... by ME&W | Feb 19, 2020 | Banking Law, Business Law, Coble, Matthew D., Hoy, Timothy A
A United States District Court in Texas recently awarded United Services Automobile Association (“USAA”) a $102.8 million verdict against Wells Fargo in a mobile deposit patent lawsuit filed in August 2018. USAA alleged that the mobile deposit capture technology used by Wells Fargo infringed on USAA’s patent held in the technology. This is the second judgment awarded to USAA in relation to its mobile deposit technology patent; it was awarded a $200 million verdict against... by ME&W | Feb 19, 2020 | Banking Law, Business Law, Coble, Matthew D., Hoy, Timothy A
While every participant in the financial markets knows that the London Interbank Offered Rate (LIBOR) is not guaranteed after 2021, few have taken steps to prepare for LIBOR’s end. Many variable rate notes are pegged to LIBOR as the reference rate; many notes executed today which reference LIBOR will nonetheless continue to be effective and will ultimately mature in a LIBOR-less world. In 2015, the U.S. Federal Reserve established a committee comprised of key market... by ME&W | Jun 1, 2016 | Banking Law, Hoy, Timothy A, Industry News
by Tim Hoy and Melanie Vanderau The final interim rule governing garnishments of accounts containing certain federal benefits (31 CFR § 212.1 et. seq.) has been amended. The final interim rule, effective May 1, 2011, was established by the Department of the Treasury, the Social Security Administration, the Department of Veterans Affairs, the Railroad Retirement Board, and the Office of Personnel Management (“Agencies”) and created a procedure financial institutions were required to follow when receiving... 