The United States District Court for the Northern District of
California granted class certification in a mortgage loan appraisal
suit alleging defendants conspired to inflate appraisals to
increase the sale of loans in the secondary market. The Court found
that plaintiffs presented sufficient evidence to establish common
questions of fact and law, holding that common questions and
answers need not uniformly apply to all class members. The
Court also found that the analysis of individual appraisal fees
would not create individualized issues, but instead would provide
additional support for plaintiffs' claims that an inflated
appraisal scheme existed. Finally, the Court also held that the
Real Estate Settlement Procedures Act's treble damages,
attorney's fees and government enforcement mechanisms did not
make class action an inferior method of litigation. Click
here for the opinion.
Goodwin Procter LLP is one of the nation's leading law
firms, with a team of 700 attorneys and offices in Boston, Los
Angeles, New York, San Diego, San Francisco and Washington, D.C.
The firm combines in-depth legal knowledge with practical business
experience to deliver innovative solutions to complex legal
problems. We provide litigation, corporate law and real estate
services to clients ranging from start-up companies to Fortune 500
multinationals, with a focus on matters involving private equity,
technology companies, real estate capital markets, financial
services, intellectual property and products liability.
stimates place the amount of money illegally "laundered" through
United States banks in the hundreds of billions of dollars each year.1
For more than five decades, the U.S. government has attacked money
laundering, in part, through anti-money laundering ("AML") disclosure,
monitoring, and reporting requirements placed on financial institutions.
We recently notified you of the FDIC’s Financial Institution Letter 47-2013 , which urges directors and officers of financial institutions to examine their institutions’ directors and officers (D&O) insurance coverage to ensure adequate protection for themselves as well as their depositors and shareholders.
Comments made by Kara N. Brockmeyer, the Securities Exchange Commission’s chief of the Foreign Corruption Practices Act unit, and Charles E. Duross, deputy chief of the Department of Justice’s FCPA unit, at the recent International Conference on the FCPA suggest that both agencies are increasing their scrutiny of possible FCPA violations for the next year.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Last Friday’s edition of the New York Law Journal features an article in its "Outside Counsel" column authored by Mintz Levin colleagues Andrew Roth and Kim Gold, entitled Cracking Down on Executive Compensation for Not-for-Profits.