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Bank Law Monitor

A legal blog for the financial services industry

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Washington’s New Statutory Wage Lien: Who and What Property is Impacted
To read all five installments of this wage lien series, click here. On April 16, 2021, the Washington Wage Recovery Act, SB 5355 (the “Act”) was signed into law. The Act has significant implications for employees, employers, and secured lenders. In...
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Washington Creates New Statutory Lien for Employee Wage Claims
To read all five installments of this wage lien series, click here. On April 16, 2021, the Washington Wage Recovery Act, SB 5355 (the “Act”) was signed into law. The Act creates a new statutory lien for employees’ unpaid wage claims against their em...
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Mortgage Payments Forborne Under the CARES Act? A Supplemental Proof of Claim May Be Needed if Your Borrower is in Bankruptcy
Over the last year, mortgage servicers have granted forbearances for certain loans pursuant to provisions enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. When the affected borrower is in bankruptcy, servicers should be awar...
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Class Action Targets Wire and ACH Transfer Fees, Faults Account Disclosures
Jul 07, 2021
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New “failure to warn” theory alleges bank must tell customers they can avoid fees using other payment methods. Account disclosures and fee schedules have been class action fodder for years. Recent claims have focused on overdraft and nonsufficient f...
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Governor Brown Signs HB 2009 into Law
On June 1, 2021, Governor Brown signed Oregon’s newest foreclosure moratorium bill (HB 2009) into law. As detailed in our prior write-up, HB 2009 imposes a moratorium on foreclosures in Oregon for loans secured by real property “upon which is situate...
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Ninth Circuit Affirms That “Cascading Scandals” and a General Stock-Price Decline are Insufficient to Establish Loss Causation under California Securities Law
On May 19, 2021, the Ninth Circuit affirmed the dismissal of a putative securities fraud class action against Uber Technologies, Inc. and its co-founder and former CEO, Travis Kalanick, holding that, under California law, investors cannot simply alle...
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