Banking Law Case Summaries

[03/29] Galvin v. U.S. Bank, NA
In an appeal arising out of a suit by defaulting borrowers who seek to assign fault to the manner in which a creditor foreclosed on its collateral, in this instance a multi-million dollar home located on Martha's Vineyard, the district court's judgment is: 1) reversed as to judgment in favor of creditor on its deficiency claim where it failed to comply with a Massachusetts statute that regulates the availability of actions for such judgments; but 2) affirmed in all other respects.

[03/13] Ivanoff v. Bank of America
In a suit against a bank alleging violations of the federal Truth In Lending Act (TILA), 15 U.S.C. section 1601 et seq., and California's unfair competition law (UCL), Bus. & Prof. Code section 17200 et seq., fraudulent omission/concealment and injunctive relief, the trial court's judgment in favor of defendant is affirmed over plaintiff's arguments that the court improperly applied the doctrines of res judicata (claim preclusion) and collateral estoppel (issue preclusion) based on her prior unsuccessful lawsuit against the bank for breach of contract, and erred in denying her an opportunity to amend her complaint.

[03/09] Fried v. JP Morgan Chase & Co
In a suit by a homeowner with a modified mortgage. alleging the lender wrongfully extended her mortgage insurance premiums, the district court's decision is affirmed where a servicer may not rely on an updated property value, estimated by a broker, to recalculate the length of a homeowner's mortgage insurance obligation following a modification, and instead the ending of that obligation must remain tied to the initial purchase price of the home.

[02/16] Bank of New York Mellon v. Citibank
In a case arising out of the simultaneous refinancing of a home equity line of credit by two different lenders in 2006, which resulted in a dispute over the priority of their recorded deeds of trust, the trial court's judgment sustaining defendant's demurrers, which alleged that all of plaintiff's causes of action were barred by the three-year statute of limitations in Code of Civil Procedure section 338, is reversed where plaintiff has stated a claim for equitable subrogation, which is not subject to that statute.

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