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Category: Finance

Third Circuit addresses two issues of first impression regarding the statute of limitations in the Securities Act.

On September 20, 2013 by Schnader in Finance

By Stephen J. Shapiro Earlier this week the United States Court of Appeals for the Third Circuit decided two issues of first impression in the Circuit relating to the one-year statute of limitations in Section 13 of the Securities Act of 1933. The Court held that: (1) a plaintiff need not […]

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The Seventh Circuit Suggests that Cy Pres Still Has a Place in Class Actions When Potential Individual Awards Seem Too Small to Justify Class Treatment

On September 17, 2013 by Schnader in Finance

By Ira Neil Richards and Gary M. Goldstein A ruling last week out of the Seventh Circuit, Hughes v. Kore of Indiana Enterprise, Inc., suggests that cy pres can be used as a remedy for a class to support class certification even when the size of potential damages awards to […]

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Circuit split widens on actions borrowers must take to preserve their right to rescind under TILA

On September 16, 2013 by Schnader in Finance

By Stephen J. Shapiro Several circuit courts have reached conflicting conclusions about the actions borrowers must take to exercise their right to rescind a loan under the Truth in Lending Act. Recent opinions from the Eighth Circuit widen the divide. Under TILA, lenders are required to make certain disclosures to borrowers. […]

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Presentment Warranties Under the UCC Do Not Apply to Counterfeit Checks

On September 13, 2013 by Schnader in Finance

By Edward J. Sholinsky Recently, a Pennsylvania trial court recognized the distinction between counterfeit checks and altered checks. In doing so, the court followed the lead of other states that have recognized that the depository bank does not violate the Uniform Commercial Code’s presentment warranties when it accepts in good faith […]

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