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Bank Law Monitor

A legal blog for the financial services industry

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Ninth Circuit Revives State-Law Class Action Claims against Financial Advisor
On March 4, 2021, the United States Court of Appeals for the Ninth Circuit reversed a district court’s ruling and held that a putative class action alleging state-law fiduciary duty claims against a financial services and advisory firm (the “Financia...
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Oregon Legislature Introduces New Foreclosure Moratorium Bill (HB 2009)
On February 9, 2021, the Oregon House introduced a second foreclosure moratorium bill related to COVID-19. Known as House Bill 2009 (HB 2009), the new legislation would extend Oregon’s now-expired foreclosure moratorium during an extended “emergency...
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Temporary Amendment to Bankruptcy Code Opens Opportunities for Commercial Landlords and Tenants to Negotiate Deferred Payment Arrangements
Recent legislation has expanded opportunities for commercial landlords and tenants to negotiate deals to defer certain rent payments during the COVID-19 pandemic with less fear of later losing the arrearage payments as preferences if the tenant files...
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SEC Adopts New Amendments to Exempt Offering Rules
The Securities and Exchange Commission (SEC) has adopted a series of amendments to rules under the Securities Act of 1933 (Securities Act) applicable to offerings exempt from public registration. The amendments will become effective 60 days after the...
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PPP Update: Temporary Changes to Increase Lending to Small Businesses and Sole Proprietors
This week, the Biden-Harris administration announced a number of reforms to the Paycheck Protection Program (PPP) aimed at increasing lending to small businesses and sole proprietors, as detailed further in this fact sheet released by the White House...
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United States Supreme Court Holds “Mere Retention” of Bankruptcy Estate Property Does Not Violate the Automatic Stay
On January 14, 2021, the United States Supreme Court issued its opinion in City of Chicago v. Fulton, addressing whether the “mere retention” of bankruptcy estate property constituted an act to “exercise control over property of the estate” in violat...
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