Case Summaries
Banking Law
Commercial Law
Uniform Commercial Code
Banking Law
[03/15]
In the Matter of Goldstein
In an attorney disciplinary proceeding, the Delaware Supreme Court finds that a public reprimand was the appropriate sanction for respondent-attorney where a lawyer's ethical duties under the Interpretive Guideline for Rule 1.16 of the Delaware Lawyers' Rules of Professional Conduct arise any time a lawyer is representing an interested party in a residential real estate transaction, and the borrower or mortgagor is not represented by counsel, and respondent violated Rule 1.16 by failing to provide timely written disclosure to the borrowers.
[03/10]
Anchor Sav. Bank, FSB v. US
In one of the last Winstar cases arising out of the savings and loan crisis of the late 1970s and early 1980s, involving a plaintiff's suit alleging that the adoption of the FIRREA and its implementing regulations breached the government's obligations under supervisory merger contracts, judgment of the trial court in favor of the plaintiff is affirmed in part and remanded in part where: 1) the trial court did not commit clear err in finding that it was foreseeable that the breach would result in lost profits to plaintiff in an amount commensurate with the ultimate award for lost profits; 2) the trial court did not err in finding of a causal connection between the government's breach of contract and plaintiff's sale of RFC (a mortgage banking company); 3) the trial court did not err in awarding lost profit damages attributable to plaintiff's forced sale of RFC; 4) the trial court permissibly concluded that NAMCO (mortgage company) was a reasonable commercial substitute for RFC, and its purchase thus qualified as mitigation for the loss of RFC; but 5) the case is remanded to allow the trial court to determine whether an error was made in offsetting plaintiff's mitigation costs by NAMCO's retained earnings through 1997 and, if so, how to correct the error.
[03/09]
Martinez v. Wells Fargo Home Mortgage, Inc.
In an action under Section 8(b) of the Real Estate Settlement Procedures Act (RESPA), and California's Unfair Competition Law (UCL), claiming that a mortgage lender charged plaintiffs an illegal underwriting fee, dismissal of the complaint is affirmed where: 1) the clear and unambiguous language of RESPA Section 8(b) did not reach the practice of "overcharging"; and 2) the UCL claims alleging "unfair" and "fraudulent" conduct were preempted by the National Bank Act, and the allegations of "illegal" conduct failed to state a claim.
[03/02]
Ma v. Merrill Lynch, Pierce, Fenner & Smith, Inc.
In an action against Merrill Lynch based on unauthorized transfers from plaintiff's investment account, summary judgment for defendant is affirmed where New York U.C.C. Section 4-A-505, which imposes a one-year statute of repose on certain claims based on electronic funds transfers, bars plaintiffs' common law claims, which had longer limitations periods.
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Commercial Law
[03/15]
Kim v. Carter's Inc.
In plaintiffs' suit against a children's clothing retailer for damages under Illinois contract and consumer protection law, claiming they were victims of deceptive pricing, dismissal of the complaint is affirmed where: 1) with respect to plaintiffs' breach of contract claim, defendant has fulfilled its obligations under the straightforward, everyday sales contract described in the complaint; and 2) plaintiffs' allegations fail to establish the actual damages element of their Illinois Consumer Fraud and Deceptive Business Practice Act (ICFA) claim.
[03/11]
Coyote Publishing, Inc. v. Miller
In a facial First Amendment challenge to restrictions on advertising by legal brothels, summary judgment for plaintiffs is reversed where the advertising restrictions targeted pure commercial speech, and there were strong reasons why the sale of sexual services, in particular, ought to be treated differently than other advertising bans on "vice" activities.
[03/10]
American Signature, Inc. v. US
In proceedings involving an importer of furniture that is subject to a 2005 antidumping duty order on certain entries of wooden bedroom furniture from China, a decision of the Court of International Trade denying plaintiff's motion for a preliminary injunction is reversed as plaintiff has satisfied the requirements for a preliminary injunction, and therefore, the Court of International Trade is directed to grant the preliminary injunction prohibiting Customs or Commerce from taking any action to liquidate or reliquidate import entries that are the subject of this action.
[03/10]
Citigroup Global Markets, Inc. v. VCG Special Opportunities Master Fund Ltd.
In an appeal from a district court's order granting plaintiff's motion for a preliminary injunction and enjoining defendant from proceeding with an arbitration initiated against plaintiff before the Financial Industry Regulatory Authority, the order is affirmed where the "serious questions" standard for assessing a movant's likelihood of success on the merits remains valid in the wake of recent Supreme Court cases, and neither the district court's assessment of the facts nor its application of the law supported a finding of abuse of discretion.
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Uniform Commercial Code
[06/25]
BRASHER'S CASCADE AUTO AUCTION v. VALLEY AUTO SALES AND LEASING
The former version of the California Uniform Commercial Code requires a merchant buyer to adhere to reasonable commercial standards to obtain the status of a buyer in the ordinary course of business for purposes of section 9307.
[05/26]
PROPULSION TECHS. v. ATWOOD CORP.
An agreement to manufacture boat parts is unenforceable under the Statute of Frauds as a transaction in goods with no ascertainable quantity term, thus the claim for fraud in the inducement cannot survive.
[04/12]
CHATSKY & ASSOCS. v. SUPERIOR COURT OF SAN DIEGO COUNTY (BANK OF AM. CORP.)
The one-year limitations period of Code of Civil Procedure section 340(c), rather than the three-year limitations period of California Uniform Commercial Code section 4111, applies to claims by depositors against their bank for payment of forged checks written on the depositors' accounts.
[01/22]
HICKS v. THE SUPERIOR COURT OF LOS ANGELES COUNTY (KAUFMAN & BROAD HOME CORP.)
If set forth in conspicuous and understandable language, a disclaimer of the implied warranty of quality is enforceable. The trial court correctly concluded that written disclaimers in the sales and express warranty documents provided to the home buyers preclude their claim for breach of implied warranty.
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