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29 Nov, 2006 12:08 pm
Access online the transcript of today's U.S. Supreme Court oral argument in Watters v. Wachovia Bank,
N.A., No. 05-1342: The transcript can be accessed at this link.
22 May, 2007 5:46 am
... for the U.S. Supreme Court's recent decision in Watters v. Wachovia Bank, N.A., No.
05-1342, slip op. (Apr. 17, 2007). Here's a ... what we perceive to be the good stuff.) Fellow drug lawyers: Skip the majority opinion; that's for bank regulatory jocks. Look instead at footnote 24 of Justice Stevens' dissent. The majority decision ... the preemption question from a judicial inquiry into
an administrative fait accompli." Dissent at 19 n.24. Why do we care? We've posted before about preemption cases. ...
19 Jul, 2006 7:12 am
Wachovia Bank, N.A. v. U.S., --- F.3d ----, 2006 WL 1912805 (11th Cir.(Fla.) Jul 13, 2006) For
trust and estates lawyers this case is a good example of how NOT keeping track of minor details -- like a client paying federal income...
6 Oct, 2008 4:05 pm
... the validity of the second paragraph of the Letter Agreement; (iii) making public representations about the invalidity of the Wachovia/Wells Fargo merger agreement." If the TRO sticks, that means that Citigroup won't ... litigation involving the same matters to go forward in other
states. One is Wachovia Bank, N.A. v Harbinger Capital Partners Master Fund I, Ltd., 2008 NCBC
6 ... . Ct. March 13, 2008) the other is Wachovia Bank v. Deutsche Bank Trust Company Americas, 2006 NCBC 8 (N.C. Super. Ct. June 2 ...
26 Feb 7:14 pm
Fintak v. Wachovia Bank, N.A., Slip Copy, 2009 WL 413599 (M.D.Fla. Feb 18, 2009) Say you have
a trust that owns two ... your three co-trustees . . . and he runs off with the loot. Now assume the bank wasn't supposed to pay those CDs
unless at least two of the co-trustees ... the signatures of two trustees. Construed most favorably to the plaintiffs, the allegations in the complaint establish that [Wachovia] permitted Edmund Fintak to redeem the certificates of deposit and that Edmund Fintak lacked the ...
23 Jul 5:30 am
... WL 5429134 (D. Minn. Dec. 29, 2008) If you are a National Bank, can you claim the citizenship of more than one state? The answer to that
question ... principal place of business did not determine a National Bank's citizenship. Relying on Wachovia Bank, N.A. v. Schmidt, 546 U.S. 303 (2006), ... certificate) or dual citizenship from their
principal place of business and the state listed on the bank's organizational certificate. However, the Court noted that this distinction would
be of scant significance ...
17 Apr, 2007 3:56 pm
... subsidiaries of National Banks? Answer: Yes, According to the United States Supreme Court in Watters, Commissioner v. Wachovia
Bank, N.A., No. 05-1342 (April 17, 2007). This case resolved the issue of whether Michigan's real ... a 5-3 opinion (Justice Thomas not
participating) that such security "should adhere whether the business is conducted by the bank itself or is assigned to an operating subsidiary
licensed by OCC…." An electronic copy of the Opinion is attached. Authored by: Robert Stumpf ( ...
9 Jul 7:53 am
In Olivet Boys' & Girls' Club of Reading and Berks County v. Wachovia Bank, N.A., NO.
5:08-cv-4702 (E.D. Pa. 2009), the Court was faced with the following facts. The plaintiffs were Olivet Boys' & Girls' Club of Reading ... on two grounds. The simpler ground was that
the plaintiffs did not detrimentally rely on any misrepresentation by Wachovia. As to the alleged misrepresentation, namely the statement in
the form letter that the two Funds are "substantially similar", the ...
17 Apr, 2007 8:41 am
... the flood of consumer complaints the states handle each year. The primary function of the federal comptroller is to scrutinize the books of national banks to ascertain
whether the institutions are financially sound. The comptroller's office says it has ample resources and the legal tools to ... the final quarter of last year. New foreclosures surged
to a record high as borrowers in the subprime market had trouble keeping up with monthly payments. The case is Watters v. Wachovia
Bank N.A., 05-1342.
3 Feb 4:30 am
... . 2:08-cv-6298, 2008 WL 5046286 (C.D. Cal. Nov. 24, 2008) A national bank can be a citizen of two states for CAFA diversity purposes when
its principal place of business and the main office ... state court. Wells Fargo argued that CAFA's minimal diversity requirement was met because, as a national bank, its citizenship was determined by the South Dakota main office location specified in its articles of association (citing Wachovia Bank, N.A. v. Schmidt, 546 U.S. 303 (2006) and Cole v. Wells Fargo ...
20 Sep, 2007 7:51 am
... .93 - F.S. 655.94 and F.S. 733.6065). Wachovia is learning the hard way that people will sue if things go wrong, as reported ... Missing
Cash Claim. Here's an excerpt: An elderly woman's claim that Wachovia Bank was liable for $75,000
allegedly lost when it authorized unsupervised locksmiths to break ... find the following useful: Exculpatory clauses in safe-deposit box agreements are enforceable? [I]n Florida
. . . an appellate court has held that the limitation of liability provided in a safe deposit ...
20 Sep, 2007 7:51 am
... .93 - F.S. 655.94 and F.S. 733.6065). Wachovia is learning the hard way that people will sue if things go wrong, as reported ... Missing
Cash Claim. Here's an excerpt: An elderly woman's claim that Wachovia Bank was liable for $75,000
allegedly lost when it authorized unsupervised locksmiths to break ... find the following useful: Exculpatory clauses in safe-deposit box agreements are enforceable. [I]n Florida
. . . an appellate court has held that the limitation of liability provided in a safe deposit ...
17 Jul, 2008 12:57 pm
... news, courtesy of WSJ's Liz Rappaport: A team of 10 state securities regulators drove to the St. Louis headquarters of Wachovia Securities
yesterday to demand documents and conduct interviews about the firms sales and marketing of ARS. The "onsite ... other states, all of which are part of a task force led by
Massachusetts. (Missouri also said it is investigating Commerce Bank N.A.) For newbies to the auction rate world, a brief refresher: The
$330 billion ARS market froze up earlier this year ...
28 Apr 6:19 am
... - viz., whether a federal regulation purporting to preempt state statutes warrants Chevron deference. In Watters v. Wachovia
Bank (2007), three dissenting Justices would have held that such an agency opinion does not deserve Chevron ... , Congress intended to preempt
state law - a distinction embraced by the Court in Smiley v. Citibank (South Dakota), N.A. In its brief, the OCC - represented at the Court by the Solicitor General - conducted a
reverse-Chevron analysis, beginning by addressing whether ...
15 Nov, 2008 8:06 pm
... overstepped it's authority by stepping into the domain occupied by congressional tax writers. Artificial Competitive Advantage - Banks will have a competitive advantage and
will be able to grow more rapidly at the expense of taxpayers. Cost to Federal Taxpayers ... of reducing state government revenues. Wells Fargo will be the single biggest beneficiary
because of it's recent purchase of Wachovia Bank. It is estimated that Wells Fargo will get a federal
tax cut of $19 billion dollars as a result of ...
6 Oct 4:06 pm
... card based world, and it means that everyone else is forced to live with a type of bank tax, the amount of which most would scream about if
it was being handed out by the federal ... balance, making each subject to a fee. Now, it has been reported by Law.Com that Wachovia,
Bank of America, and Citibank have been sued over "bad-faith ... Federal Reserve is considering new rules, and Representative Carolyn Maloney
(D-N.Y.) introduced a bill in March that calls for consumers to be alerted every time a debit ...
30 Apr 6:46 am
... SCOTUSWiki page here. Like the previous case addressing conflicts between state and federal bank regulators, Watters v. Wachovia Bank (2007), Tuesday's oral arguments in Cuomo v. Clearing House Association ("CHA") ... powers could be
exercised concurrently. One would thus have to look at the entire regimes at issue to determine whether the bank-regulator relationship was
supervisory, as in Watters, or whether it was instead prosecutorial, which involves "discrete acts of law enforcement." Underwood ...
10 Oct, 2008 12:58 pm
... will discuss the most recent acquisitions, Washington Mutual and Wachovia Corp., and analyze the benefits of this acquisition to the
banking industry as well as the costs to consumers. II. Background Both ... ]. ARMs are a type of subprime mortgage loans. See Pittman, supra note 1, n. 7 (2008) ("An ARM
is a loan with an interest rate that will readjust after a specific period of ... 1. [7] Collapse of WaMu, supra note 3. [8] Dean Foust, Wachovia: One Thompson Deal Too Many, Business Week, June 2, 2008, ...
28 Oct, 2008 6:41 pm
... is to make Wachovia more valuable because the federal government will purchase its non-performing assets. As Wachovia points out (in its Brief at page 4 n.2), there is no certainty that it would be entitled to federal funds, which are to be ... 'golden
parachutes'" for Wachovia's executive team and for them to retain employment with the merged bank.
Wachovia responded that the only management employee who voted to approve the merger is Robert Steel, who has publicly stated that he will not
take a ...
18 Nov, 2008 2:04 am
... Board hadn't voted to approve the Merger, "it was likely . . . that Wachovia would not be able to fund normal banking activities and
thus would again face the very ... Share Exchange Agreement which gave 39.9% voting control over Wachovia to Wells Fargo, the Young Affidavit
says that Wells Fargo had initially demanded ... get, short of bankruptcy, insolvency, or a receivership. Wachovia Brf. 15 n.7. That's
pretty impressive -- "exceptional value" in Wachovia's words -- considering the dire circumstances ...
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