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Banking & Finance

North Carolina Banking & Finance Estate Law Personal Injury & Tort

Court of Appeals of North Carolina

Underwood — Constructive-fraud verdict upheld over withdrawals from vulnerable friend’s joint accounts

/ August 5, 2026

The Court of Appeals held that the Estate presented sufficient evidence of a confidential or fiduciary relationship and the resulting benefit needed for constructive fraud. O’Neil’s vulnerability, Lynch’s assistance and influence, and the scale and use of the withdrawals allowed a reasonable jury to find the required relationship and abuse. The court therefore left the jury’s verdict intact rather than reweighing com

California Banking & Finance Employment Litigation

Pover v. Capital Group — ERISA plan-wide claims cannot be stripped by arbitration waiver

/ July 30, 2026

The Ninth Circuit refused to enforce an arbitration provision that prevented a retirement-plan participant from seeking plan-wide ERISA relief.

New York Banking & Finance Breach of Contract Commercial Litigation

Appellate Division, Fourth Department

EBF Holdings v. Defiant Arms — Revenue purchase upheld, but guarantor judgment vacated

/ July 24, 2026

The Fourth Department upheld a receivables-purchase claim against the merchant but vacated judgment against its owner because the limited guaranty was not proved.

California Banking & Finance Business Transactions Litigation

Steamfitters v. SunPower Corp. — Existing Product Risk Was Not Actionable Without Alleged Knowledge

/ July 24, 2026

The Ninth Circuit affirmed dismissal of a SunPower securities complaint because investors did not plausibly allege that the company knew of an over-torquing defect when it warned that product risks could occur.

New York Banking & Finance Contract Interpretation Family Law

Appellate Division, First Department

Denemark v. New Chapter Capital — Divorce litigation funding is a usurious loan

/ July 23, 2026

The First Department held that divorce-litigation funding with multiple unconditional repayment triggers was a loan and void because its 18.96% rate was usurious.

New York Banking & Finance Contract Interpretation Tax

Appellate Division, Third Department

Matter of Sunoco v. Tax Appeals Tribunal — Oil swaps are inventory exchanges, not sales receipts

/ July 23, 2026

The Third Department upheld New York’s treatment of Sunoco’s paired petroleum buy/sell transactions as inventory exchanges rather than franchise-tax receipts.

New York Banking & Finance Civil Procedure Commercial Litigation

Appellate Division, Second Department

Beltran Technologies v. Citibank — New York lacks jurisdiction over Dutch bank in wire-transfer scam

/ July 22, 2026

The Second Department held that a Dutch bank’s passive receipt of a fraud-induced wire into a Netherlands account did not establish personal jurisdiction in New York.

California Administrative Law Banking & Finance Business Transactions

SEC v. Choice Advisors, LLC — Municipal Advisor Fee-Splitting Supports Injunction, Disgorgement, and Penalties

/ July 21, 2026

The Ninth Circuit affirmed that a municipal advisor’s division of underwriting fees was prohibited fee-splitting and upheld the SEC’s full set of remedies.

California Banking & Finance Insurance Coverage Litigation

Cachet Financial Services v. Berkley Insurance Co. — Fraudulent-Instructions Exclusion Bars Commercial Crime Coverage

/ July 21, 2026

The Ninth Circuit enforced a fraudulent-instructions exclusion and rejected the insured’s attempt to import a narrower defined term from other policy provisions.

California Banking & Finance Insurance Coverage Litigation

Cachet Financial Services v. Berkley Insurance Co. — Fraudulent-Instructions Exclusion Bars Commercial Crime Coverage

/ July 21, 2026

The Ninth Circuit enforced a fraudulent-instructions exclusion and rejected the insured’s attempt to import a narrower defined term from other policy provisions.

California Banking & Finance Civil Procedure Litigation

Relator LLC v. Erskine — Ninth Circuit Revives PPP Fraud Whistleblower Suit, Holds Mortgage Company’s Own Website Is Not “News Media” Under False Claims Act

/ July 15, 2026

The Ninth Circuit reversed dismissal of a False Claims Act qui tam suit alleging PPP fraud by a California mortgage company, holding that a NAICS industry code alone does not publicly disclose fraud and that a company’s own website does not qualify as ‘news media’ for purposes of t

California Administrative Law Banking & Finance Constitutional

Novedades y Servicios v. FinCEN — Ninth Circuit Upholds Block on Treasury’s Sweeping Southwest Border Cash-Reporting Order

/ July 13, 2026

The Ninth Circuit affirms a preliminary injunction blocking FinCEN’s “Border GTO” — which required money services businesses in 30 southwest border ZIP codes to file cash-transaction reports for amounts as low as $200 — finding the order was likely a rule requiring notice-and-comment rulemaking and

New York Banking & Finance Civil Procedure Real Estate

Appellate Division, Second Department

LF Collateral SPV IV v. Citadel NY — Criminal Usury Defense to Mortgage Foreclosure Fails Without Triable Fact Issue on Rate

/ July 8, 2026

Second Department affirms foreclosure summary judgment and rejects criminal usury counterclaim where defendants failed to raise a triable issue of fact that the effective interest rate exceeded the criminal threshold; affirms guaranty enforcement after mortgage assignment.

New York Banking & Finance Civil Procedure

Appellate Division, First Department

Trinity Centre LLC v. City National Bank — First Department Upholds Civil Contempt for Restraining Notice Violation by Bank-Creditor

/ June 30, 2026

The First Department upholds civil contempt liability for City National Bank’s violation of a CPLR 5222(b) restraining notice, holding that a debtor’s payments to the bank on a separate debt are still ‘property in which the judgment debtor has an interest’—and that full satisfaction of the judgment does not moot the contempt claim.

New York Banking & Finance Real Estate

Appellate Division, First Department

Rubino v. HSBC Bank USA, N.A. — First Department Dismisses Mortgage Discharge Penalty Class Action as Time-Barred

/ June 30, 2026

The First Department dismisses RPAPL 1921 and Real Property Law § 275 mortgage discharge penalty claims as time-barred under CPLR 214(2)’s three-year limitations period, and holds that American Pipe tolling does not carry over to a successive class action after the first was voluntarily dismissed.

New York Banking & Finance Securities

Appellate Division, First Department

Matter of Avangrid, Inc., Shareholder Litigation — First Department Upholds Business Judgment Review in Iberdrola Controller Buyout

/ June 30, 2026

The First Department affirms dismissal of fiduciary duty claims arising from Iberdrola’s buyout of Avangrid minority shareholders, holding that the MFW-compliant deal structure under New York’s Kenneth Cole framework triggers deferential business judgment review.

New York Banking & Finance Breach of Contract Contract Interpretation

Appellate Division, Fourth Department

NewCo Capital Group v. SPE Trading — Revenue Purchase Agreement Survives Usury Challenge Under NY Three-Factor Test

/ June 26, 2026

The Fourth Department affirms that a merchant cash advance structured as a revenue purchase agreement is not a usurious loan under New York law, applying the three-factor test of reconciliation provisions, finite term, and bankruptcy recourse.

New York Banking & Finance Breach of Contract Securities

Appellate Division, First Department

Vision Biobanc v. Taller — PPM Governance Misrepresentations Support Fraud Claim; Aiding-and-Abetting Theory Dismissed as Duplicative of Direct Fiduciary Duty

/ June 18, 2026

The Appellate Division, First Department, allows aiding-and-abetting fraud and breach of fiduciary duty claims to proceed against a biotech co-founder/CFO based on false PPM representations about board composition, audit committee, and auditor retention, while dismissing a redundant aiding-and-abetting breach of fiduciary duty claim against a defendant who was himself a primary fiduciary.

New York Banking & Finance Real Estate

Appellate Division, Third Department

Guild Ventures v. Kenwood Commons — Court Upholds $15.5M Deficiency Judgment Based on Actual Market Value, Rejecting $71.5M Development-Potential Estimate

/ June 18, 2026

The Appellate Division, Third Department, affirms a deficiency judgment against guarantors of a defaulted $5 million commercial loan on a historic Albany campus, holding that RPAPL § 1371(2) fair market value is anchored to comparable sales and present conditions—not aspirational development projections of $71.5 million—where development was not imminent as of the foreclosure sale date.

New York Banking & Finance Civil Procedure Real Estate

Appellate Division, First Department

Rouge v. U.S. Bank Trust N.A. — FAPA Bars Mortgage Lender’s Toll Claim; Six-Year Statute of Limitations Extinguishes Note and Mortgage

/ June 16, 2026

The First Department affirmed cancellation of a $786,450 mortgage and promissory note under RPAPL 1501(4), holding that FAPA’s retroactive elimination of the RPAPL 1301(3) toll bars lenders from claiming extra limitations time during the pendency of a prior foreclosure action — constitutional challenges to FAPA’s retroactivity rejected.

New York Banking & Finance Trusts & Estates

Matter of James M. McDonald III Trust — Third Department Affirms Trust Accounting and Awards Counsel Fees Against Objecting Beneficiary

/ June 4, 2026

The Third Department affirms Surrogate’s Court’s settlement of a trust accounting, dismissal of objections regarding alleged overconcentration of stock, and award of trustee’s counsel fees payable from the objecting beneficiary’s share.

Texas Banking & Finance Constitutional Real Estate

Staub v. BBVA USA — Texas Supreme Court Limits Constitutional Forfeiture Remedy to Breaches of Constitutionally Mandated Loan Terms

/ May 29, 2026

The Texas Supreme Court held that the constitutional forfeiture remedy for home equity loan violations applies only to breaches of constitutionally mandated loan conditions, not to every contractual breach by a lender.

California Banking & Finance Insurance Coverage Litigation

Ninth Circuit

Pacific Premier Bancorp v. Columbia Casualty — Ninth Circuit Affirms Insurance Lending Exclusions Bar Coverage for Ponzi Scheme Litigation

/ May 18, 2026

The Ninth Circuit affirmed summary judgment for an insurer, holding that unambiguous lending exclusions in a professional liability policy barred coverage for a California bank’s defense and settlement costs arising from Ponzi scheme litigation.

California Banking & Finance Collections & Creditor Rights Litigation

Ninth Circuit

Patterson v. Wells Fargo — Ninth Circuit Revives Willful FCRA Claims Over Unauthorized Account Credit Pulls

/ May 18, 2026

The Ninth Circuit revived willful FCRA and CCRAA claims against Wells Fargo for pulling credit reports after opening unauthorized bank accounts, but upheld dismissal of negligence claims for insufficiently pleaded actual damages.